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Egypt, EIB Boost Cooperation to Enhance Private Sector Engagement

Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
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Egypt, EIB Boost Cooperation to Enhance Private Sector Engagement

Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)
Egypt is intensifying its moves to boost the activities of the private sector in the country (Reuters)

Egyptian Minister of International Cooperation Rania Al-Mashat said that the fruitful cooperation with the European Investment Bank (EIB) is reinforcing joint development efforts and therefore the private sector's growth.

EIB Vice President Gelsomina Vigliotti will be heading on a four-day visit to Egypt to strengthen cooperation with Egyptian public and private partners and discuss future EIB priority investments in many sectors.

This will be Vigliotti’s first high-level visit to Egypt as EIB VP for the Mashreq region since the start of the COVID-19 pandemic.

Over the last 41 years, the EIB has provided more than €14 billion for energy, water, agriculture, telecom, transport, and private sector investment in Egypt.

Last year, the EIB provided more than €1bn for business, telecom, and transport investment in Egypt.

“The EIB is a key partner for Egypt, and I welcome VP Vigliotti on her first official visit to our country,” said Al-Mashat.

“The EIB and the EU Bank is committed to supporting transformational private and public investment across Egypt, improving access to finance by entrepreneurs and addressing the challenges of a changing climate.

Egypt is the leading country of operation for the EIB outside of Europe. My financial and technical colleagues and I look forward to discussing how to strengthen economic resilience to existing and new challenges and enhancing the impact of future EIB engagement in Egypt,” said Vigliotti.

Mashat also met virtually with Sonja Gibbs, Managing Director and Head of Sustainable Finance for the Institute of International Finance, in the attendance of Wolfgang Engel, General Manager & Chief Representative - Institute of International Finance.

Mashat discussed suggestions for joint cooperation with the Institute, under the framework of Egypt presiding the COP27.

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.