Latest news with #OPECFund
Business Insider
09-05-2025
- Business
- Business Insider
After U.S. interest, UAE to help fund Africa's largest gas pipeline
After growing interest from the U.S., the United Arab Emirates (UAE) has reportedly joined efforts to co-finance the $25 billion Morocco-Nigeria gas pipeline project. The UAE has joined efforts to co-finance the $25 billion Morocco-Nigeria gas pipeline project. The project aims to connect West Africa to Europe via a 5,660-km offshore pipeline traversing 13 countries. Gulf nations have increased investments in African energy projects, growing bilateral trade with regions such as the UAE. After growing interest from the U.S., the United Arab Emirates has reportedly joined efforts to co-finance the $25 billion Morocco-Nigeria gas pipeline project. Morocco's Minister of Energy, Leila Benali, recently confirmed the UAE's involvement, adding that the ambitious project has also gained backing from major international institutions, including the Islamic Development Bank (IDB), the OPEC Fund, and the European Investment Bank (EIB). Morocco's growing status as a regional leader in renewable energy. Morocco is prioritising renewable energy development, technology localisation, and the establishment of local industrial supply chains to boost job creation. Nigeria-Morocco gas pipeline The Nigeria-Morocco gas pipeline, one of Africa's most ambitious infrastructure projects, stretches 5,660 kilometres and is designed to connect West Africa to Europe via Morocco. First announced in December 2016 during King Mohammed VI's visit to Nigeria, the $25 billion initiative will traverse 13 countries as it links Nigeria to Morocco. The project, expected to enhance energy security for both coastal nations and the Alliance of Sahel States (ESA), will become the world's longest offshore gas pipeline. Rising investment momentum in Africa The Nigeria-Morocco gas pipeline project has continued to attract significant international interest. Earlier this year, the initiative secured strategic backing from Jingye Group, a major Chinese steel producer. Through its UK arm, Jingye British Steel, the company intends to supply high-grade steel products vital for the pipeline's construction. On a different front, Middle Eastern countries have been stepping up their investment footprint in Africa. Business Insider Africa previously reported that Gulf nations have collectively expressed interest in or finalised deals worth at least $6 billion in African energy assets in recent weeks. This flurry of activity reflects a broader ambition by Gulf states to deepen their energy partnerships on the continent.
Morocco World
07-05-2025
- Business
- Morocco World
UAE To Invest in Morocco-Nigeria Gas Pipeline Project
Rabat – After interest from the US, the UAE is reportedly contributing to co-funding a $25 billion project to build the Morocco-Nigeria gas pipeline. Minister of Energy Leila Benali announced the news recently, noting that the project won support from different international organizations, as well as the UAE. 'As for finance, the project has won the support of IDB, OPEC Fund, EIB, and the UAE…it will pass through 15 African countries,' she said. On Tuesday, the minister emphasized that Morocco is on a steady path to becoming a regional hub for renewable energy. She stressed that Morocco is focusing on developing renewable energy, localizing technology, and building local industrial supply chains that create jobs. Minister Benali added that the country has strong potential to produce green hydrogen products such as methanol and ammonia, which could power international shipping fleets at lower costs than liquified natural gas. Morocco has been working to strengthen and diversify its gas resources for years. In April, the country announced the start of an action plan, expressing interest in launching a tender to develop the first phase of the natural gas terminal in Nador. As part of its strategies to reinforce energy assets, Morocco is also working with Nigeria on the mega $25 billion gas pipeline project that seeks to connect at least 13 African countries, providing them with gas. Morocco is set to be home to 1,672 kilometers of the pipeline, which will also connect the Nigerian gas to Europe. In addition to the UAE, the US has also reportedly expressed interest in investing in the project. Voice of Naija quoted Nigeria's Minister of Finance, Wale Edum, in April, noting that he held a meeting with Nigeria's Central Bank Governor Olayemi Gardoso and the director of international economic relations, as well as with representatives from the US State Department. 'Key areas of interest include U.S. interest in investments in Nigeria's natural gas sector, particularly the Nigeria–Morocco Gas Pipeline, given the country's vast gas reserves,' the minister said. Tags: nigeria morocconigeria morocco pipeline
Zawya
06-05-2025
- Business
- Zawya
UAE to co-fund $25bln Morocco-Nigeria gas pipeline project
The UAE has agreed to contribute to funding a $25 billion project to build a pipeline to ship Nigerian gas to Europe through Morocco. Leila Benali, Morocco's Minister of Energy Transition and Sustainable Development, said other financiers include the European Investment Bank (EIB), the Islamic Development Bank (IsDB) and the OPEC Fund. Benali told Morocco's parliament last week that China's Jingye Steel Group has been awarded a contract to supply pipes to the project. 'Morocco has completed all preliminary feasibility and engineering studies for the planned gas pipeline that will connect Nigeria to Morocco,' she said in comments carried by Morocco's press at the weekend. Benali said the pipeline would be nearly 5,660-kilometre long and would start from the Southern Dakhla city in the Sahara region, where it will be linked with the pipeline in Nigeria. Dakhla will also be linked to North Morocco, where gas will be shipped to some European markets, the Minister added. 'As for finance, the project has won the support of IDB, OPEC Fund, EIB and the UAE…it will pass through 15 African countries,' she said. The Minister last month reported that Morocco and Nigeria have agreed to create a joint venture to manage the planned pipeline. (Writing by Nadim Kawach; Editing by Anoop Menon)
Express Tribune
26-04-2025
- Business
- Express Tribune
Funds for 67,000 Pakistani Hajj pilgrims sent to wrong account
Listen to article More than 67,000 Pakistani pilgrims could face delays in their Hajj journey after millions of Saudi Riyals meant for their expenses were mistakenly sent to the wrong bank account. According to the Hajj Organizers Association of Pakistan (HOAP), approximately 50 million Saudi Riyals were accidentally transferred to an OPEC Fund account instead of the official account of Saudi Arabia's Ministry of Hajj and Umrah. The error has delayed the payment process by more than a month. As a result, private Hajj operators missed the payment deadlines set by Saudi authorities, unaware that the funds were misdirected. Their bookings and pilgrimage plans have been severely disrupted. The situation has caused widespread concern among families of the pilgrims, many of whom now fear their loved ones may not be able to perform Hajj this year. In response, Pakistani authorities have formed a special subcommittee to investigate the error, trace the funds, and prevent similar incidents in the future. The committee will also coordinate with Saudi officials to resolve the issue swiftly. "This payment error has highlighted the urgent need for better coordination and communication between banks, private Hajj operators, and official agencies," HOAP representatives said. With limited time left before Hajj, efforts are underway to rectify the mistake and secure the travel arrangements for thousands of hopeful pilgrims.
Daily News Egypt
12-04-2025
- Business
- Daily News Egypt
Egypt seeks expanded OPEC Fund financing for private sector growth
Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation. The request was made during a meeting between Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the Director-General of the OPEC Fund, Abdulhamid Alkhalifa, held on the sidelines of the annual meetings of Arab financial institutions in Kuwait. Al-Mashat expressed Egypt's appreciation for its longstanding relationship with the OPEC Fund, which she said was built on mutual commitment and efforts to support the country's sustainable development goals. She added that the collaboration reaffirmed the Fund's efforts to support development and achieve positive economic and social outcomes. Al-Mashat highlighted the importance of the private sector in achieving Egypt's sustainable development objectives, describing it as a vital driver of economic growth. She noted that the Egyptian government views private sector-led investments as crucial for enhancing the competitiveness of the Egyptian economy regionally and internationally. 'Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development,' Al-Mashat said. According to Al-Mashat, the Egyptian government has implemented reforms to improve the investment climate and create an environment conducive to attracting capital and expanding the production base. She cited the 'State Ownership Policy Document' as an example, which aims to support ongoing economic reforms and enhance the role of the private sector by gradually exiting some sectors and providing opportunities for local and foreign investors. She added that the document also highlighted the importance of public-private partnerships (PPP) as an effective tool to promote private sector investments and increase their efficiency. Al-Mashat also noted that the government has implemented structural measures since 2014, regarding regulatory procedures and legislative structure, to create an environment conducive to attracting investments in renewable energy. During the meeting, Al-Mashat and Alkhalifa also discussed potential collaboration within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which integrates services provided by development partners and private sector entities, including large, small, medium, and micro enterprises. The implementation of the 'NWFE' (Nexus on Water, Food and Energy) program was also addressed, with a focus on priority areas such as renewable energy, food security, and water resource sustainability. Alkhalifa affirmed the OPEC Fund's commitment to supporting development in Egypt and its priorities since 1976. He noted that the joint cooperation portfolio has reached approximately $1.4 billion, supporting around 60 projects across various sectors.
