The Kuwait Fund for Arab Economic Development plans to lend Egypt $1.5 billion over the next five years, extending $300 million each year, the fund’s Director-General has said. He did not provide details of the loans. The fund is the Kuwaiti government’s agency for aiding developing countries in areas including agriculture, transport, and energy. Kuwait, Saudi Arabia, and the United Arab Emirates have provided billions of dollars of aid to Egypt in the past two years. [Reuters, 4/7/2015]
Tunisia to sell stake in state banks, expects $1 billion in World Bank, IMF loans
Tunisia plans to sell a 10 to 15 percent stake in several state-run banks to raise more capital, the country’s Finance Minister said on Tuesday. The country also expects to receive $1 billion in loans from the World Bank and the International Monetary Fund this year, the minister said at a finance conference in Kuwait. [Reuters, 4/7/2015]
IMF endorses Islamic finance, warns it must be implemented better
The International Monetary Fund (IMF) has endorsed the principles of Islamic finance, saying it could prove safer than conventional finance. However, it also warned Islamic bankers that they must tighten rules and follow them more consistently. A report released by the IMF this week showed growing interest in Islamic banking. Last October, the IMF launched discussions with an external advisory group of Islamic finance experts and industry bodies. [Reuters, 4/7/2015]
Saudi regulators tighten their grip ahead of opening to foreign investment
Saudi regulators are signaling that they want companies to tighten governance and strengthen internal controls as the $500 billion Saudi stock market prepares to open to foreign direct investment in the next few months. The process has become more urgent since an accounting scandal at the telecoms company Mobily in February. [Reuters, 4/6/2015]
Also of interest
Hunger and famine threat looms as conflict in Yemen continues | Gulf News
Libya may split apart over oil revenues | Business Insider
Saudi strategy to retain oil dominance | Financial Times
Gulf markets rise modestly on back of oil rebound | Al Arabiya
Egypt’s reserves down to $15.3 billion in March | Ahram Online
Egyptian petroleum companies to raise LE8.5 billion in capital | Ahram Online