The World Bank should loan US$ 6 million to the North African country for the initiative, which may reduce the local energy cost. The mill will be geothermic, and will work from the heat of underground rocks.
Author: From the Newsroom
Finance sector analysts have increased estimates for growth of the Brazilian Gross Domestic Product (PIB) from 2.47% to 2.48% in 2013.
International Monetary Fund director for the Middle East and North Africa says oil exporting countries should see modest growth due to lower demand. In turn, oil importing countries must attract investment.
The country attracted US$ 39 billion worth of foreign direct investment year-to-date through August and retained the leadership in the region. However, the value invested was down 10%.
The future Brazilian ambassador in Riyadh, Flávio Marega, said Brazilian companies may take part in infrastructure projects in the Arab country. He underwent a questioning session at the Senate.
Omani ambassador and Brazilian minister met to consider a technical partnership in the area. The subjects will include treatment of plantation residue.
The organisation forecasts half the growth in the region this year as against 2012 and states that turmoil scares investors away.
Foreign sales revenues amounted to US$ 717 million in September, down 25% from September 2012. Year-to-date figures, however, are up 2.6%.
The country’s output should exceed that of the United States, with a record crop. In the meantime, America is faced with drought.
The Brazilian Institute of Geography and Statistics has lowered its estimate for this year. According to the organization, 187 million tonnes should be harvested, down 347,700 tonnes from the August forecast.
The value represents yearly losses of Palestine due to lack of access to 61% of the West Bank, pointed out the World Bank. Liberation of the land would increase employment and reduce the fiscal deficit.
A report from the Fund has revised down GDP growth projections for Middle East and North Africa countries. The forecasts for the world and the Brazilian economies have also been lowered.
Volume shipped year-to-date through September 2013 has increased as against the same period in 2012. Revenues, however, are down 15% due to lower prices.
In the first week of the month, the Brazilian balance of trade showed a US$ 1.8 billion surplus. The performance was partly due to the export of an oil and gas extraction rig worth US$ 1.9 billion.
