Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)
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Egypt Post Becomes Member of Union of Arab Banks

General view of Nile River (File photo: Reuters)
General view of Nile River (File photo: Reuters)

Egypt Post became a member of the Union of Arab Banks to study the latest services and technologies in the financial field.

Egyptian Post Chairman Sharif Farouk said that joining the Union supports the state's plans to achieve financial inclusion.

Farouk stated that the purpose is to follow up on all international banking developments as well as regional changes and transformations of the banking community to keep up with current issues in the Arab and global arenas.

Farouk pointed out that Egypt Post always seeks to cooperate with all institutions and agencies to move forward in achieving its plan in financial inclusion and digital empowerment.

Joining the Union of Arab Banks allows Egypt Post to exchange experiences, hold training workshops and provide technical, legal, financial, and banking consultations, according to Farouk.

The Union of Arab Banks includes the best bankers and financial and economic experts from 350 banks.

The Union is a member of the Higher Coordinating Committee for Joint Arab Action and is headed by the Secretary-General of the Arab League. It is an Arab regional organization affiliated with the Arab Administrative Development Organization of the Arab League.



Turkmenistan, Iran Sign Deal to Supply Gas to Iraq

The deal was announced by Turkmenistan's foreign ministry - AFP File Photo
The deal was announced by Turkmenistan's foreign ministry - AFP File Photo
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Turkmenistan, Iran Sign Deal to Supply Gas to Iraq

The deal was announced by Turkmenistan's foreign ministry - AFP File Photo
The deal was announced by Turkmenistan's foreign ministry - AFP File Photo

Turkmenistan and Iran on Wednesday signed a contract for the delivery of 10 billion cubic meters a year of Turkmen gas that Iran will then ship on to Iraq.

The deal was announced by Turkmenistan's foreign ministry, which did not state the monetary worth of the contract, according to The AP.

The ministry's statement said Iranian companies will construct a new 125-kilometer (77-mile) pipeline to Iran to expand Turkmenistan's delivery capacity. The ministry said Turkmenistan plans to increase its gas supplies to Iran to 40 billion cubic meters a year.

Iraq last year faced disruptions in the supply of Iranian gas, which accounted for about 40% of its imports.

Turkmenistan is heavily reliant on revenue from sales of the gas in its vast reserves. And the government was instructed to find alternative options to ensure the operation of power plants in the central and southern provinces of the country.

The former Soviet republic of Turkmenistan relies heavily on the export of its vast natural gas reserves. China is the country's main customer for gas and Turkmenistan also is working on a pipeline to supply gas to Afghanistan, Pakistan and India.