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Monday, 8 November 2021

El Molla meets US energy secretary in Glasgow + is more IFTC finance in the pipeline?

Oil Minister Tarek El Molla met with US Secretary of Energy Jennifer Granholm at the COP26 summit in Glasgow, where they discussed energy cooperation, according to a ministry statement. El Molla had previously announced Egypt's participation in the Net Zero World Initiative, launched by the US last week to accelerate the transition to net-zero energy resources. Other topics of discussion included Egypt's promotion of natural gas as fuel, plans to expand the use of hydrogen as an alternative source of power, and the measures taken to export Egyptian gas to Lebanon via Jordan and Syria.

More ITFC finance in the pipeline? International Cooperation Minister Rania Al Mashat and head of the International Islamic Trade Finance Corporation (ITFC) Hani Sonbol talked future cooperation and financing projects with the aim of helping SMEs, according to a statement from the ministry. The ITFC has given GASC and the Egyptian General Petroleum Corporation USD 2.3 bn in financing so far this year.

President Abdel Fattah El Sisi called Iraqi Prime Minister Moustafa Al Kadhimi yesterday following the assassination attempt earlier that day, said Ittihadiya. The Iraqi PM was targeted with a drone loaded with explosives which flew towards his house in Baghdad’s Green Zone yesterday.

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