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Banking & Finance
European Council to mobilize $100 billion annually in climate finance through 2025
The council reaffirmed its commitment to climate finance and aims for new targets beyond 2025.
Asia
World Bank commits over $2 billion to support Bangladesh’s reforms
The Bank will reallocate $1 billion, totaling $3 billion in loans and grants for the fiscal year ending June 2025
Banking & Finance
EU approves $221 million subsidies to boost Germany’s offshore renewable energy infrastructure
New docking facilities on Germany's North Sea coast will handle heavy loads, including wind farm components
Africa
China’s lending to Africa rises for the first time in seven years in 2023, reaches $4.61 billion
Between 2000 to 2023, Chinese lenders provided 1,306 loans amounting to $182.28 billion to 49 African governments and 7 regional borrowers
Economy
Olympic Games boost drives France private sector to 52.7 PMI in August, fastest expansion since March 2023
The reading was expected to remain unchanged at 49.1
Africa
Ethiopia secures $3.4 billion IMF financing program with $1 billion immediate disbursement
The Ethiopian central bank has floated the birr, a crucial step for securing IMF support and progressing its debt restructuring
Markets
Global gold ETFs plummet $6.7 billion in 2024, marking worst performance in over a decade: Report
Data showed that Asia was an outlier that registered inflows of $3.1 billion in H1 2024
Sustainability
COP28 President urges parties to ‘build on progress’, help those most vulnerable to climate change
At COP28, countries pledged a total of $792 million for loss and damage funding arrangements
Asia
Sri Lanka’s inflation plummets to 2.5 percent in March driven by a 22 percent reduction in power tariffs
Food prices remained unchanged at 5 percent in March compared to February
Banking & Finance
Hedge fund industry sees $190 billion asset growth in Q1, hits record $4.3 trillion
The industry attracted $16.6 billion in new investments, with a focus on equity and event-driven hedge fund strategies
Africa
Egypt to ensure foreign currency availability through maintaining flexible exchange rate
This represents a key condition for Egypt's $8 billion loan program signed with the IMF
Asia
IMF’s Georgieva urges China to address economic slowdown, enhance productivity
The Managing Director highlighted concerns over the country's property crisis, called for domestic growth strategies
Asia
IMF prepared to assist Sri Lanka in talks with bondholders
Sri Lanka government failed to restructure $12 billion debt with bondholders
Economy
IMF raises global growth forecast to 3.2 percent, lifts outlook for UAE, Saudi Arabia
The 2024 figure represents a 0.1 percentage point increase from the previous World Economic Outlook report in January