According to Egyptian investment minister, foreign investment in Egypt will reach about $2 billion in the second quarter of the fiscal year, up from $1.8 billion dollars in the previous quarter. Egypt is preparing a new unified investment law and holding an investment conference in the resort city of Sharm el-Sheikh in mid-March, hoping to secure domestic and foreign investment of $10-12 billion.
[Reuters, 1/11/2015]
Yemen’s foreign exchange reserves reach $4.6 billion
According to an official report, Yemen’s foreign exchange reserves recorded nearly $ 4.6 billion by the end of November 2014. A report issued by the Central Bank of Yemen showed that the bank had covered the importation bill of oil derivatives and basic foodstuffs during the same month with more than $279 million. Overall, the total budget of the Bank recorded a decline of 64 billion riyals by the end of November, bringing the budget balance to nearly 2.1 trillion riyals. [
SABA, 1/11/2015]
Algeria to invest $70 billion in shale gas over twenty years
Algeria’s energy giant Sonatrach plans to invest at least $70 billion over the next twenty years to exploit shale gas in the southern desert. The firm intends to press ahead with its plans despite huge public opposition in the In Salah area of the central Sahara where successful test drilling was announced last month. Sonatrach hopes to produce some 20 billion cubic meters of shale gas per year from 200 drill sites. [
Arab news, 1/12/2015]
Libya’s Tobruk government admits to having no access to CBL funds
The Libyan internationally recognized government based in Tobruk says it is still funding itself using a LD250 million bank loan, as it has been unable to access funds from the Central Bank of Libya (CBL). In September, the House of Representatives voted to replace CBL governor Saddeq Elkaber with his deputy Ali Elherbi in an effort to get more control over the body, but the move seems to have had little effect. In December Tobruk had first announced that it was using a bank loan issued by the National Commercial Bank . [
Libya Monitor, 1/12/2015]
Tunisia to issue $750 million of bonds in January
According to the central bank governor, Tunisia will issue $1.75 billion of dollar-denominated bonds and Islamic sukuks in 2015 as it seeks funds to revive economic growth. He earlier told reporters the dollar-denominated issue would be for 10-year bonds. Discussions with the market over the issue would start on January 15. The government said late last year that to finance its 2015 budget, Tunisia would need 8 billion dinars ($4.2 billion), of which 5 billion dinars would come from foreign sources. [
Reuters, 1/12/2015]
Also of Interest:
Tunisian inflation rate down to 5.5 percent in 2014 | [TAP (subscription)
Tunisia’s mobilised tax revenues up by 14.1 percent in 2014 | TAP (subscription)
Tunisia makes exceptional one-time contribution to State budget | TAP (subscription)
Yemen’s oil revenues fall to $1.5 billion in 2014 | SABA
WB to finance five billion-dollar projects in Egypt | Egypt SIS
Egypt to issue $950 million 1-year treasury bill | Ahram Online
Government to launch 4-year investment, development program | Daily News Egypt
