Egypt Inaugurates New Strategy with World Bank  

Ferid Belhaj, the Vice President for the Middle East and North Africa region at the World Bank Group, (right), and Egypt’s International Cooperation Minister Rania Al-Mashat (left).
Ferid Belhaj, the Vice President for the Middle East and North Africa region at the World Bank Group, (right), and Egypt’s International Cooperation Minister Rania Al-Mashat (left).
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Egypt Inaugurates New Strategy with World Bank  

Ferid Belhaj, the Vice President for the Middle East and North Africa region at the World Bank Group, (right), and Egypt’s International Cooperation Minister Rania Al-Mashat (left).
Ferid Belhaj, the Vice President for the Middle East and North Africa region at the World Bank Group, (right), and Egypt’s International Cooperation Minister Rania Al-Mashat (left).

Ferid Belhaj, the Vice President for the Middle East and North Africa region at the World Bank Group, stressed that the World Bank has confidence in the Egyptian economy.

On the sidelines of the launch of the Country Partnership Framework between Egypt and the World Bank Belhaj said the new framework supports the state’s development needs and focuses granting opportunities to the private sector, the green economy, and women empowerment in the economy.

Held on Sunday, the launch was attended by Egyptian Prime Minister Mostafa Madbouly and Asharq Al-Awsat.

The new partnership between Egypt and the World Bank for 2023-2027 supports future cooperation programs and projects.

It was approved on March 21 by the Board of Executive Directors of the World Bank Group, in order to support efforts to achieve comprehensive and sustainable growth, based on national priorities in various sectors and the development vision over the next five years.

The partnership with the Bank is consistent with the Egyptian government strategy for sustainable development and Egypt's Vision 2030, and its National Climate Change Strategy (NCCS) 2050.

The partnership aims to support Cairo in building innovative paths and sustainable solutions to address development challenges in various sectors, foremost among which is the eradication of poverty, the promotion of comprehensive prosperity for all segments of society, and the creation of conditions conducive to achieving comprehensive, sustainable and resilient green development.

The new CPF places the citizen at the core by striving to achieve three main objectives, which are more and better private sector jobs, reinforcing investment in human capital, as well as improving resilience to shocks.

International Cooperation Minister Rania Al-Mashat held a meeting with Belhaj on the sidelines of the event.

She stressed the strong ties between Egypt and World Bank and underscored the Egyptian state's keenness on opening new prospects through this new strategy and focusing on cooperation fields of priority to the state.

The minister noted that this new strategy is being launched at a significant time amid the international and regional challenges facing developing countries and emerging economies.

The International Bank for Reconstruction and Development is funding 15 projects valued at $7.33 billion across various sectors in Egypt. They include social protection, health, nutrition, population, education, environment, food security, and urban development.

Egypt and the World Bank have partnered up to implement several projects, including support to entrepreneurs and SMEs and tackling air pollution and climate change in Greater Cairo and local development in Upper Egypt.



OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters
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OPEC Again Cuts 2024, 2025 Oil Demand Growth Forecasts

The OPEC logo. Reuters
The OPEC logo. Reuters

OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group's fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd, Reuters.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

"Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks," OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world's switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency's far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

- OUTPUT RISES

OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC's output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia's output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota.