All posts by : Prachi Jain

Egypt has successfully secured $2 billion in budget support from significant development partners, including the World Bank (WB), the European Union (EU), the African Development Bank (AfDB), and South Korea. Rania Al-Mashat, Egypt’s Minister of International Cooperation, announced this milestone.

This financial assistance aims to bolster structural reform initiatives designed to enhance the growth of Egypt’s private sector. The World Bank Group has approved a financing package of $700 million, consisting of $500 million from the World Bank and $200 million from other partners. This funding is part of the World Bank’s broader commitment to provide $6 billion over three years to support Egypt’s economic and structural reforms, with $3 billion allocated to the government and another $3 billion dedicated to empowering the private sector. The loan has a repayment period of 35 years, including a 5-year grace period.

During the Egyptian-European Investment Conference, Egypt secured a €1 billion ($1.069 billion) agreement with the EU. This initial instalment is part of a more significant €5 billion allocation, set to be disbursed in the latter half of 2024. The EU has committed to providing macroeconomic and budgetary support, with the remaining €4 billion scheduled for release between 2025 and 2027.

Additionally, Egypt signed a $131 million agreement with the AfDB to boost the private sector during Minister Al-Mashat’s visit to Kenya for the AfDB’s annual meetings in June.

Furthermore, the Korean Economic Development Cooperation Fund (KDCF) has provided $100 million as part of a sideline arrangement during the Korea-Africa Summit. Minister Al-Mashat also mentioned ongoing negotiations with the Asian Infrastructure Investment Bank to secure $300 million in financing. Read More

News Credit: Middle East Economy

Picture Credit: Unknown

New Mexico has endured a harrowing week, facing both fire and flood. Just days after fast-moving fires tore through drought-stricken landscapes and communities, a tropical storm swept north, bringing torrential rain and golf ball-sized hail to the freshly burned slopes.

As these duelling extremes collided, charred debris flowed into neighbourhoods, firefighting crews were temporarily evacuated, and emergency officials shifted from fire support to flood rescues. Strong winds compounded the chaos, lifting dried soils into one of the largest dust storms the state has ever witnessed.

In the arid southwest, where fire risks typically rise with spring temperatures and are quelled by summer monsoons, such weather patterns aren’t unusual. However, the climate crisis has intensified these conditions, leading to more frequent and severe catastrophes.

Dr. Jeremy Klass, recovery and mitigation bureau chief of New Mexico’s Department of Homeland Security and Emergency Management, remarked, “We are used to these disasters, but I don’t think this agency has ever dealt with anything like this. We are dealing with two disasters right on top of one another.”

The South Fork and Salt fires, currently at 0% containment, continue to burn, with communities in the south bracing for more rain. After igniting on the Mescalero Apache Reservation, the fires quickly spread, scorching over 23,400 acres and destroying neighbourhoods.

Officials estimate that 1,400 structures have been lost to the flames, with the final count of burned buildings still underway. Tragically, at least two people died while fleeing the fires, and roughly 8,000 people have been displaced, anxiously awaiting news of what remains of their homes when they are allowed to return. Read More

News Credit: The Guardian

Picture Credit:  Pam Bonner/AP

A significant early-season heat wave is set to impact western North America, bringing potentially record-breaking temperatures and raising wildfire risks, signalling the onset of a scorching summer. A mighty high-pressure ridge, known as a heat dome, will drive unusually high temperatures across California by mid-week, extending into the Pacific Northwest and Southwestern Canada, according to Daniel Swain, a climate scientist at UCLA.

The heat wave is expected to last 10 to 14 days, with Northern California and the Sierra Nevada foothills experiencing the highest temperatures. The Sacramento Valley could see widespread triple-digit temperatures, potentially exceeding 110 degrees, which is about 20 degrees above normal. The National Weather Service forecasts that far northern California will likely see its first 100-degree day of the year by Wednesday, while the Central Valley is under an excessive heat watch, with the San Joaquin Valley possibly reaching 110 degrees.

This event resembles the historic heat dome of June and July 2021, which lasted 27 days and caused hundreds of deaths, marine life die-offs, crop losses, and infrastructure damage. Although this year’s heat wave is predicted to be less intense, it could still exacerbate the fire season, especially with the increased vegetation from recent wet winters. California has already experienced several small fires, including a 1,300-acre blaze in Santa Barbara County, highlighting the heightened fire risk from the incoming heat. Read More

News Credit: Los Angeles Times

Picture Credit: The latest seasonal outlook from NOAA indicates a high likelihood of warmer-than-normal temperatures across most of the U.S. in June, July and August. National Oceanic and Atmospheric Administration

Green aviation policies should be abandoned if the costs outweigh the benefits, according to the head of the world’s most influential airline organization. Willie Walsh, director general of the International Air Transport Association (Iata) and former British Airways CEO, emphasized that achieving net zero by 2050 is “existential, not optional.”

However, he suggested that governments should have the courage to halt green policies and shift strategies if they fail to deliver the intended results. Read More

News Credit: The Guardian

Picture Credit: Steve Parsons/PA

The Environment Agency—Abu Dhabi (EAD) announced the ban on styrofoam products. This ban is part of the emirate’s larger policy on single-use plastics, which aims to reduce reliance on harmful products.

The list of banned products includes cups, lids, plates and beverage containers made of expanded polystyrene.

Similarly, food container vessels for products intended for immediate consumption, either on the spot or for takeaway, and containers that contain a product that is typically consumed from the receptacle and is ready to be consumed without any further preparation, such as cooking, boiling, or heating, will also be prohibited. Read More

News Credit: Middle East Economy

Picture Credit: Unknown, due credits

New research shows that the economic damage caused by climate change is six times worse than previously thought. Global warming is set to shrink wealth at a rate comparable to the financial losses of a continuous, permanent war.

Researchers found that a one °C increase in global temperature leads to a 12% decline in world gross domestic product (GDP), a far higher estimate than previous analyses. With the world already having warmed by more than one °C (1.8°F) since pre-industrial times, many climate scientists predict a three °C (5.4°F) rise by the end of this century due to ongoing fossil fuel burning. This new, yet-to-be peer-reviewed paper highlights the enormous economic cost of such a scenario.

According to the paper, a three °C temperature increase will “cause “precipitous declines in output, capital, and consumption that exceed 50% by”2100.” The economic loss is so severe that it is “comparable to the economic damage caused by fighting a war domestically and permanently,” the authors write.

“There will still be some economic growth happening, but by the end of the century, people may well be 50% poorer than would’ve been weren’t for climate change,” said Adrien Bilal, an economist at Harvard who co-authored the paper with Diego Känzig, an economist at Northwestern University.

Bilal emphasized that purchasing power—how much people can buy with their money—would already be 37% higher than it is now without the global heating observed over the past 50 years. This lost wealth will continue to spiral if the climate crisis deepens, causing an economic drain often seen during wartime. Read More

News Credit: The Guardian

Picture Credit: Spyros Bakalis/AFP/Getty Images

Three weeks after devastating floods struck Brazil’s southernmost state of Rio Grande do Sul, the situation remains dire. The floods have claimed 155 lives and displaced 540,000 people. Experts warn that water levels will take at least another two weeks to recede.

An aerial view of the Mathias Velho neighbourhood in Canoas, a suburb of Porto Alegre, shows extensive flooding. The death toll continues to rise daily, and over 77,000 displaced individuals are still in public shelters. In response, the state government has announced plans to build four temporary “tent cities” to accommodate them.

Governor Eduardo Leite revealed that the rebuilding costs will be “much higher” than the initially estimated 19bn reais (£2.9bn). Many cities, including the state capital Porto Alegre, remain underwater, with 46 of its 96 neighbourhoods flooded. Even residents in non-flooded areas have faced days without electricity and potable water.

Of the state’s seven main rivers, five are still above the maximum water level, and there is little hope of the waters receding anytime soon. Read More

News Credit: The Guardian

Picture Credit: Jefferson Bernardes/Getty Images