Follow the latest in economic news and developments about the Arab transition countries.
Tunisia: EU pledges donations, assistance of €550 million
The European Union has decided to give Tunisia an overall budget of around €550 million for the period 2014-2015, including approximately €250 million in donations and €300 million in the form of macro-financial assistance to support economic and social development efforts in the country. These commitments are in line with European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). [AllAfrica, TAP]
The European Union has decided to give Tunisia an overall budget of around €550 million for the period 2014-2015, including approximately €250 million in donations and €300 million in the form of macro-financial assistance to support economic and social development efforts in the country. These commitments are in line with European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). [AllAfrica, TAP]
The Egyptian pound strengthened slightly against the dollar at a central bank sale of foreign currency on Thursday, also rising on the black market. The central bank sold $38.4 million to banks at the auction, with a cut-off price of 6.9501 pounds to the dollar, inching up from 6.9502 at the last sale on Wednesday. On the black market, the dollar was offered for 7.37 pounds on Thursday, stronger than Wednesday’s rate of 7.40. [Reuters]
In recent years, the Moroccan government has been overhauling the country’s agriculture system through massive subsidies. The “Green Morocco Plan” was initiated in 2010. Farmers are paid to clear land and plant fruit trees on land that was either empty or used for growing wheat, a crop that requires more water and makes less money. It seems simple enough, but Morocco is under pressure from international organizations to cut its current spending amid dwindling reserves and the need to attract foreign investment. [IBTimes]
Also of Interest:
Interview with Egypt’s finance minister on taxes, subsidies | Asharq Al-Awsat
Suez Canal revenues forecast to hit record $5.5 billion this year | Reuters
Egypt’s minister predicts 3.5 percent growth in 2014-2015 | Egypt Independent
Egypt to see $1.3 billion in Italian investments | Ahram
Case shows hurdles in fighting Morocco corruption | AP
Opinion: 2014 will be the year for oil and gas for Morocco | News24
Bahrain and Tunisia agree to spur trade | GDN
Yemenis uncertain about future employment | National Yemen
Japanese government supports UNICEF’s programs in Yemen | Webwire