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Egypt has included small and medium-sized enterprises to its $6.2 billion financing initiative to help support the industrial, agricultural and construction sectors, local daily Al-Ahram online reported.
The initiative was taken to help the coronavirus-affected businesses recover by offering loans at an eight percent decreasing interest rate, the Egyptian central bank said in a statement.
The bank also allocated on June 17 about $185 million for salary payments in the tourism sector, which was taken out of the $3.1 billion fund earmarked for the industry’s recovery efforts. It has earlier advised tourism-related entities not to cut their workforce if they wanted to benefit from the initiative.
Global trade to fall 13% this year due to coronavirus shocks, significantly less than its most pessimistic scenario of a 32% slump, the World Trade Organization's (WTO) outgoing chief has said.
Tokyo stocks closed lower on Wednesday after two days of rallies, as investors sought to lock in profits while watching corporate earnings and key US data.
The benchmark Nikkei 225 index s
The Gulf Today
British inflation fell to its lowest since June 2016 last month as the coronavirus pandemic sucked demand from the global economy and oil prices tumbled, leaving the Bank of England free to ramp up i
India's credit score moved a step closer to junk after Fitch Ratings Ltd. cut the outlook to negative, citing weak economic growth prospects and rising public debt.
Fitch said it expects e
The International Energy Agency (IEA) has offered an energy sector roadmap for governments to spur economic growth, create millions of jobs and cut carbon emissions that would require global investme