Egypt has reached a staff level agreement with the International Monetary Fund for an instalment of around $2 billion in its three-year, $12 billion loan programme.

The agreement is pending approval by the IMF executive board..

An IMF delegation visited Egypt from 25 October to 9 November to assess the progress of the loan programme, which was finalised in November 2016.

The IMF loan comes in support of Egypt’s financial reform programme, which aims to curb the growing state budget deficit and has included floating the Egyptian pound.

The IMF praised the commitment of the Egyptian government to the reform programme, referring to the rise in Egypt’s GDP to 4.2 percent in fiscal year 2016/17, compared to a projected 3.5 percent.

The IMF also praised the increasing confidence of investors, adding that the portfolio investments into Egypt reached $16 billion this year and foreign direct investment rose by 13 percent.

In July, Egypt received the final instalment of the first $4 billion tranche of the IMF loan. (Amwal Al Ghad).

(ITALPRESS/MNA).

Source: medNews

From next 17 December a Comiso-Malta flight will be operational. The announcement came in the course of a joint press conference held by Soaco and Air Malta managers at Comiso airport. The flight connecting Comiso airport and the island of the Knights will be operational two days per week, Friday and Sunday. From last summer the Maltese airline operated three weekly flights from Palermo and 14 weekly flights from Catania.

“The launch of this new route – commented Joseph Galea, Ceo of Air Malta – is a new opportunity for both islands. As an airline, we know how strong the link between Sicily and Malta is. Last year we transported 150,000 passengers from Catania (6% more) and nearly 20 thousand passengers in the new route from/to Palermo”.

“For us Sicily – Claude Zammitt Trevisan, Italy Director of Malta Tourism Authority added – represents a very important slice of the market. We have flights from Catania and also from Palermo. Comiso is the step we had to do to consolidate our presence”.

“Malta – Silvio Meli and Giorgio Cappello, respectively President and CEO of Soaco, that manages the Pio La Torre airport of Comiso stressed – is the ideal destination both for incoming and outgoing: Malta is indeed an important international hub, one strategic link to continue to other European routes”.

The two managers of Soaco have also stated that since the beginning of the opening of Comiso airport, “creating a connection with the island of Malta has always been a priority objective, which is framed in a policy to increase the direct links by differentiating the offer. Even on the route that we link Malta to Comiso the Air Malta fare Go Light will be available, offering the possibility to fly for 39 euros one way”.

(ITALPRESS/MNA).

Source: medNews

According to the latest IVC Research report, $ 1.44 billion is the figure collected by 144 Israeli start-ups in the third quarter of 2017, up 14% to $ 1.27 billion in the previous quarter 2017 and up 54% from $ 933 million in the corresponding quarter of 2016. However, the number of agreements fell in the third quarter of 2017 to just over 140. 

The average financing round was $ 10 million in the third quarter of 2017, the highest in the last five years, compared to an average of € 8 million and € 6.7 million, respectively, in the previous quarter and the corresponding quarter of 2017.

In the first nine months of 2017, Israeli start-ups hit a record $ 3.8 billion in funding, equal to the corresponding 2016 period. However, the total number of bids – in total 457 agreements – fell to the lowest level of the last five years. The average financing round has grown steadily from $ 3.3 million in the first nine months of 2013 to $ 8.2 million in the corresponding period of 2017. According to IVC, “Data shows a decline in the number of transactions carried out in the first nine months of 2017. The IVC analysis found that most of this decrease was due to early seed operations.” In the third quarter of 2017, venture capital funds represented the highest quarterly figure over the past five years, with $ 1.2 billion collected in 89 agreements.

(ITALPRESS/MNA).

Source: medNews

The Moroccan state secretary of state for water resources, Mme Charafat Afailal, has announced actions aimed at facing the severe water crisis that is affecting the Zagora region, semi-arid area bordering the Sahara. This area is currently affected by a strong drought, determined by the absence of precipitation and the excessive exploitation of the underground slope. The measures envisaged are as follows: 1) the creation of a new Water Agency for the Draâ Oued Noun reservoir to manage local water policy; 2) the transfer of water resources from the Mansour Eddahbi Dam to feed Zagora’s groundfalls (a first intervention was carried out in June and a second is due in mid-November); 3) new perforations in search of groundwater; 4) carrying out maintenance work and renovation of the Zagora water distribution network in order to improve its performance. These work should be completed by the end of 2018.

(ITALPRESS/MNA).

Source: medNews

Energy is one of the sectors with the higher absorption of private investment in Albania, especially for the construction of hydroelectric power plants. In the context of diversification and sustainability of sources according to the targets set by the Energy Community to which Albania acceded in July 2017, the Ministry of Infrastructure and Energy and the European Bank for Reconstruction (EBRD) met stakeholders to present the MoU signed to support the photovoltaic sector. During the debate, the Ministry reconfirmed commitments to develop solar plants and purchase at guaranteed average prices (100 euros / MWh for photovoltaic and 70 euros / MWh for 2017 wind) with a 50 MW limit (30 MW for wind power plants) . Based on art. 10 (3) of Law 7/2017, the Energy Regulatory Authority (ERE) approves the purchase price of energy produced from small renewable sources in accordance with the methodology approved by the Council of Ministers.

Only in October, 11 applications for photovoltaic parks totaling around 25 million euros were submitted to the Ministry of Infrastructure and Energy.

(ITALPRESS/MNA).

Source: medNews

According to the “Competent Persons Report – CPR” company, Montenegro owns 51 billion cubic meters of gas and 144 million cubic meters of liquid resources, which equal to 438 million barrels of oil. The preparation of the exploration activities, on two areas off the southern coast of Montenegro, granted to the Greek company Energean Oil & Gas, is an integral part of the first three-year exploration phase, which includes seismic surveys and geological and geophysical studies.

(ITALPRESS/MNA).

Source: medNews

Malta observed a national day of mourning in honour of the Maltese journalist Daphne Caruana Galizia assassinated on the 16th of October by a bomb placed in her car. The bomb detonated minutes after the journalist left her home in Bidnija.

Hundreds of people paid their respect to the journalist during the funeral held at the Rotunda of Mosta. The journalist’s family decided that the funeral will not be broadcast and prohibited access to local and international media representatives both at the church ceremony and at the cemetery. The Mass was celebrated by the Archbishop of Malta, Charles J. Scicluna.

In his homily, Archbishop Scicluna warned the assassins of Caruana Galizia. “To who has been involved in the assassination of Daphne, I have this message to say to you: however difficult it is to evade legal justice, you can never escape the justice of God. Repent before it is too late!”.

Scicluna also sent a message of hope to journalists. “I encourage you to never tire out in your mission to be the eyes, ears, and mouth of the people. Do this without fear and with full respect to the truth. Dear journalists, we need people in your profession to be free, smart, curious, honest, serene, safe and protected”.

Furthermore the Archbishop asked for solidarity by the Maltese people, “Please stop the disrespectful words with which you can demonize and degenerate. We can enjoy the true freedom and prosperity that comes from solidarity”.

Scicluna gave courage to the sons of Caruana Galizia, Matthew, Andrew and Paul. “Every time your mother was abroad, she used to light a candle in the church for each one of you, a silent prayer of a mother for her children, remember the words of the Gospel announced today, he who speaks the truth comes to light, your beloved mother suffered a cruel death by the hidden hand of someone who wants to put darkness to the light. See that you will always be the children of light.”

The President of the Republic Marie-Louise Coleiro Preca did not attend the ceremony as she was previously informed by a family friend that her presence was not welcome.

Prime Minister Joseph Muscat and the leader of the Opposition Adrian Delia did not attend either. The Caruana Galizia family made a public announcement that the presence of the Maltese state was not wanted. Muscat and Delia were targeted by the murdered journalist in articles published on her blog accusing them of abuse of power and links with criminals respectively.

On the other hand Antonio Tajani, President of the European Parliament, was personally invited by the Caruana Galizia family and was present for the religious ceremony.

Following the Maltese Government’s decision to declare a day of national mourning, flags on all government buildings were flying at half-mast.

(ITALPRESS/MNA).

Source: medNews

Four announcements of FEAMP for the period 2014-2020 were published in the Official Gazette of Slovenia: “Production investments in classical aquaculture”, “Production investments in aquaculture (environmental)”, “Environmental impact assessment and transition to ecological aquaculture “and” Processing of fishery and aquaculture products “. Calls are only for micro, small and medium-sized businesses. For the first three projects, beneficiaries may be natural or legal persons registered in Slovenia for aquatic organisms which are: companies, cooperatives, individual companies or those responsible for integrating farms, while for the last call, beneficiaries must be registered is the processing and storage of fish, crustaceans and molluscs. The contribution per single request ranges from a minimum of € 3,500 to a maximum of € 500,000, except for the call for “Environmental impact assessment and transition to ecological aquaculture”, where the contribution will be counted according to a specific ranking. For all four applications, contributions must be submitted through the dedicated electronic system for the period from 13/11/2017 to 12/12/2017 by 24.00.

(ITALPRESS/MNA).

Source: medNews

According to Algerian Minister of Commerce Mustapha Benmeradi, Algeria plans to reduce the value of imports by 10 billion US dollars in 2018. The Algerian Government intends to implement measures aimed at reducing imports from the 40- 41 billion dollars in 2017 to 30 billion dollars in 2018. Among these measures, Mustapha Benmeradi cited the increase in customs duties, reintroduction of customs duties and domestic consumption tax for some imported finished goods. The Minister also referred to a quota for other product groups whose imports have a strong impact on the trade balance. According to the Minister, some twenty products have been accounting, in the last 10 years, for half of Algerian imports. Next year, the import licensing system will be maintained and the product list will be reviewed. As for vehicles, import licenses will not be issued this year. The Minister said that the suspension of imports falls under the protection of national production, stating that a register was created at the level of the Algerian Ministry of Commerce in which the various requests for protection identified by economic operators are identified. This register will allow investigations to be made in order to ensure that these operators fully or partially cover national demand, respecting the conditions of quality, price and competition. This operation will imply the suspension of imports of similar products from abroad.

(ITALPRESS/MNA).

Source: medNews

Officials from the Europol agency have joined the Maltese force investigating the assassination of journalist Daphne Caruana Galizia. The investigation is led by the Police of Malta with the contribution of Dutch and American forensic and technical experts.

Meanwhile, the explosive material used in the car bomb that killed the Maltese journalist last Monday is currently being examined in European and local laboratories. In a statement, the Maltese police have denied a report featured on a local newspaper that TNT traces were found in the explosion.

In the meantime, the European Parliament is coordinating a visit for European deputies who will be going to Malta to investigate the rule of law in the country. In a tweet, the liberal MP and former Prime Minister Guy Verhofstadt said that after meeting Daphne Caruana Galizia’s family he felt that “their account of the situation in Malta was upsetting”.

“Corruption seems widespread and has become a business model”,  Verhofstadt said. In a decision taken by the Conference of Presidents of the European Political Groups, the European Parliament will send a delegation to Malta to investigate “the extent to which the rule of law applies, what measures are being taken against corruption and how money laundering is being tackled”.

A debate and plenary resolution regarding the rule of law and money laundering in Malta will also take place on the 14th of November.

Meanwhile next Sunday, the civil society will organise the second national protest following the assassination of Daphne Caruana Galizia. The event will take place in Sliema whereby the civil society and opposition will enforce their appeal for the resignation of both the Police Commissioner and Attorney General.

Presently a group of female activists called ‘Occupy Justice’ is organizing a protest in front of the Maltese Prime Minister’s Office in Valletta. The group have declared that the assassination of Daphne Caruana Galizia “has exposed a state of concern for Malta, where the government has failed to ensure good governance and robust democratic institutions”.

(ITALPRESS/MNA).

Source: medNews