Browsing: Business

IFC mobilizes $56B, prioritizes climate-related investments

MENA Newswire News Desk: The International Finance Corporation (IFC), a member of the World Bank Group, achieved record-breaking financing of $56 billion during the fiscal year ending June 30, 2024. Of this total, 40% was allocated to climate-related projects from

Global production of low-emissions hydrogen could grow fivefold by 2030

MENA Newswire News Desk: A new report by the International Energy Agency (IEA) reveals a surge in low-emissions hydrogen projects, driven by increasing investment and development. However, the report underscores the need for stronger policies to boost demand in critical sectors such as heavy

EU imports 2.7 million tonnes of coffee worth €10.6 bn in 2023

MENA Newswire News Desk: The European Union (EU) imported 2.7 million tonnes of coffee from non-EU countries in 2023, with a total value of €10.6 billion, according to data from Eurostat, the EU’s statistical office. While the total volume of imports

Powell hints at slower rate cuts as Fed assesses economic conditions

MENA Newswire News Desk: Federal Reserve Chair Jerome Powell reiterated Monday that the central bank will take necessary measures to maintain the economy’s strength, although future interest rate cuts will likely come in smaller increments. Speaking during a Q&A session

Britain completes coal phase-out with closure of last power station

MENA Newswire News Desk: Britain’s last coal-fired power plant, Ratcliffe-on-Soar, closed on Monday, marking the end of 142 years of coal-powered electricity in the country that ignited the Industrial Revolution. The plant, located in central England, officially ceased operations at

UK and Korea open dialogue to bolster financial and economic ties

MENA Newswire News Desk: The Republic of Korea and the United Kingdom have officially launched a new high-level dialogue platform aimed at enhancing economic and financial ties between the two nations, according to an announcement by the Republic of Korea’s

Evocabank receives $10 million OPEC Fund loan to boost Armenian MSMEs

MENA Newswire News Desk: The OPEC Fund for International Development (OPEC Fund) has extended a US$10 million loan to Evocabank CJSC to enhance financial access for micro, small, and medium-sized enterprises (MSMEs) in Armenia. The loan will primarily focus on

Russian energy exports to Asia-Pacific surge by 1.5 times in 2023

MENA Newswire News Desk: Russia continues to be a dominant player in the global energy market despite ongoing challenges, Russian President Vladimir Putin declared during the plenary session of the Russian Energy Week (REW) forum in Moscow, according to the