Follow the latest in economic news and developments about the Arab transition countries.
Tunisia is seeking foreign investors for $6.82 billion worth of infrastructure and development projects, as the government tries to prop up its faltering economy. “We have a 22 projects in many sectors, including energy, tourism, transport and infrastructure which we will propose to foreign investors present in Tunisia”, said Nidhal Ouerfelli, Tunisia’s secretary for economy affair. [AP, Reuters]
Sufficient aid will be available to Egypt through external bilateral assistance from the GCC, according to a report by the Bank of America Merrill Lynch. The report also expects no near-term IMF engagement with Egypt. Authorities appear to be focused on securing direct GCC fiscal support through purchases of EGP-dominated treasury bills (T-bills) and treasury bonds (T-bonds). [DNE]
The government will extend the removal of electricity subsidies over five years, instead of the previously announced three years, Minister of Electricity Mohamed Shaker announced during the “Egypt…Future’s Path” conference. The decision to extend the implementation period was made to ease the burden on Egyptian citizens, the minister noted. [DNE]
The European Union has set aside €5.5 billion in funds for the next few years for cooperation with neighboring countries, including nine bilateral cooperation accords. Morocco will thus far be receiving the highest amount: between €728,000-890,000 for the 2014-2017 period. Jordan will be getting the second largest amount in the same period, between €312,000-382,000. [ANSAMed]
Also of Interest:
Egypt puts back first LNG import terminal start to December | Ahram Online
IDB approves $425 million loan to Egypt | DNE
Egypt gov’t looks to restore confidence in economy: Finance minister | DNE
Qatar renews support for Tunisia | The Penninsula
Yemen: Diesel subsidies continue for power stations | Yemen Times