The International Monetary Fund (IMF) conditionally agreed to a $4.5-billion support programme for Bangladesh on Wednesday. The aid will help the South Asian country evade economic instability escalating into a crisis, said its Finance Minister A.H.M. Mustafa Kamal. The IMF said that a “staff-level agreement” had been reached with Bangladesh for a 42-month arrangement, which includes about $3.2 billion from its Extended Credit Facility (ECF) and Extended Fund Facility (EFF), and about $1.3 billion from its new Resilience and Sustainability Facility (RSF). The objectives of the support
The EU-India InnoCenter, a programme financed by the European Union’s research and innovation framework programme Horizon 2020, is bringing high-impact and unique tech startups (Series-A funded) to explore, enter and scale in the Indian market. The ventures are coming for the first in-country flagship event, Blue Carpet Night, to be hosted by EU-India InnoCenter in Bengaluru. The Ambassador of the European Union to India Ugo Astuto will virtually launch the meet. The event will showcase European Innovation on November 15. The visiting technology start-ups are focused on sustainability
Egypt has signed partnerships for its Nexus of Water-Food-Energy (NWFE) programme to support the implementation of climate projects with investments worth $15 billion, the country said in a statement issued from the presidency of United Nations’ conference on climate change, COP27, currently underway in its seaside resort of Sharm el-Sheikh. The projects to be funded include one energy project worth $10 billion and eight food security, agriculture, irrigation, and water projects. Environment Minister Yasmine Fouad on Wednesday said that funding is a major challenge, but access must be
The Japanese cabinet led by Prime Minister Fumio Kishida on Tuesday approved a 29.1 trillion yen ($198 billion) extra budget to fund an economic stimulus package to ease the impact of inflation on the country. This is the second supplementary budget for the year ending in March. The extra budget consisted of steps to help people cope with rising costs of electricity, gas, and gasoline. The other objective was to help various regions take advantage of the weak yen to attract tourists. The budget also kept aside money for an emergency budget reserve. The government will now present the budge
Saudi Arabia on Monday committed $2.5 billion to a green initiative in the Middle East for the period of the next ten years at the ongoing COP27 UN climate summit in Egypt. Saudi Crown Prince Mohammed bin Salman said that the kingdom aims to fulfill the goal of providing sustainable energy systems for the world, adding that his country would build a headquarters for the initiative. Saudi Arabia aims to generate about 50% of its electricity from renewable energy by 2050. The Crown Prince and the new Saudi Arabian prime minister promised that his government plans to slash 44 million tonnes o
The UAE President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, has said that the UAE will remain a supplier of oil and gas for "as long as the world is in need". The leader was speaking at the COP27 summit in Egypt on Monday. "The UAE is considered a responsible supplier of energy, and it will continue playing this role for as long as the world is in need of oil and gas," he added. The UAE will host next year's COP28 summit in Dubai's Expo City. The summit will include the "first evaluation of the implementation of the Paris Climate Accords," he said. The UAE leader met many heads
India's Chief Economic Advisor (CEA) Dr V Anantha Nageswaran on Saturday said that the country's economy is poised to grow by 6.5 to 7% in the medium term until 2030. He also asserted that it was too early to rejoice the growth and the people must work hard to strengthen the economy, as the country faces global shocks with better balance sheets. The CEA to the government said that India is in a stable situation and the growth momentum is good regardless of the multiple crises taking place globally. He was speaking virtually at the annual session of the Indian Chamber of Commerce (ICC). He
Saudi Aramco has cut its key Arab Light grade for December sales to Asia by 40 cents to $5.45 a barrel above the regional benchmark. The world's largest oil producer has lowered most oil prices for Asia - its biggest market - in response to regional market weakening. Energy consumption has been affected by rising interest rates and stringent COVID-19 lockdowns in China, leading to a 20% drop in crude futures since June. Meanwhile, ICE Brent is trading above $95 a barrel in hope of a fall in Russian exports once the European Union tightens sanctions on 5 December. The Organization of P
The United Arab Emirates’ non-oil private sector continued its upward stride in October, with growth recorded at a rate close to August’s three-year high and employment expanding at its fastest in six years. The S&P Global UAE Purchasing Managers’ Index (PMI) increased to 56.6 in October from 56.1 in September, which is its fastest since June 2019. The index was at its exceptional best in August this year, when growth was at a tad faster pace at 56.7. The observers credit the upturn to sharp expansions in business activity and new orders. In October, more action was seen on th
The Tata Group-owned Air India on Thursday announced that it has signed agreements to acquire 100% shareholding in low-cost airline AirAsia India (AAI) and subsidiarize under Air India. The acquisition is expected to finish by the end of 2023. An operational review process is in progress to integrate AAI with Air India’s low-cost service, Air India Express (AIXL) fully. AirAsia India can use the "AirAsia" brand name for 12 months. After the merger, the entity will be branded as Air India Express. With this merger, Malaysia-based AirAsia Group will end its uncomfortable journey in Indi