Page 16 - DMEA Week 36 2022

DMEA NEWS IN BRIEF DMEA

agency in a press release.
People will be pushed further into hunger by
the resumption of fighting in northern Ethio-
pia. In the past few months, the humanitarian
truce has allowed WFP and its partners to reach
almost 5mn people in Tigray.
“We demand Tigrayan authorities return
these fuel stocks to the humanitarian commu-
nity immediately. As the next harvest is not until
October, our deliveries of life-saving food could
not be more urgent or critical to the survival of
millions,” said WFP Executive Director David
Beasley.
“We are working around the clock to get
assistance to those most in need, but we need
fuel, funding, and full movement of supplies
across the lines of control to maximise deliveries
across northern Ethiopia,” he said.
bna/IntelliNews, August 29 2022

PETROCHEMICALS

CFC-led JV seeks $400mn
from global banks to back

“President Malpass emphasised the importance 2022’s figure of NGN7.35 trillion ($17.5bn). fertiliser plant in Egypt
of integrating climate and development, as well “The 2023 federal government revenue is
as the need for an enabling policy and regula- projected at N6.34 trillion ($15.1bn), out of A joint venture led by Emirati fertiliser company
tory environment alongside strengthened insti- which only N373.17bn ($889mn) or 5.9% comes CFC Group in cooperation with its Egyptian
tutions in the energy sector,” the statement said. from oil-related sources. The balance of N5.97 technical partner Evergrow is in negotiations
“[He] affirmed to Vice President Osinbajo the trillion ($14.2bn) is to be earned from non-oil with three international banks to choose the
WBG’s readiness to support Nigeria in phasing sources,” Ahmed explained. lead arranger for a $400mn loan to finance the
out regressive fuel subsidies, while increasing bna/IntelliNews, August 30 2022 construction of a fertilisers and feedstocks man-
social assistance for the poor and vulnerable.” ufacturing facility in Qena governorate, Upper
bna/IntelliNews, September 2 2022 World Food Programme Egypt.
CFC Group has set up an Egypt arm specifi-
Nigeria to borrow $26bn to says theft of fuel in cally for the project, CFC Fertilisers and Chem-
icals. It will contribute $100mn of its own cash
cover budget deficit Ethiopia’s Tigray region towards the $500mn final project price tag for
the Qena complex, which will produce 200,000
Nigeria is to borrow over NGN11 trillion putting operations at risk tonnes of fertilisers, 400,000 tonnes of animal
($26bn) and will sell national assets to finance feed and 700,000 tonnes of phosphoric acid each
the country’s budget deficit of more than World Food Programme (WFP) operations year, Group CEO Ahmed Khalifa told Enterprise
NGN12.42 trillion ($19.4bn) in 2023, Minis- supporting hungry people in Tigray region in in early August.
ter of Finance and National Planning Zainab northern Ethiopia are at risk of halting following Project promoters have maintained the con-
Ahmed has revealed. a massive theft of fuel. versation channels open with the three banks,
The deficit has been exacerbated by the coun- Armed men on August 24 entered WFP’s reportedly from Germany, Switzerland and
try’s petroleum subsidy, which is designed to compound in Tigray’s regional capital Mekelle the UAE. Concurrently, the joint venture has
offset higher global oil prices driven by the Rus- and seized 12 tankers filled with over 500,000 obtained the Golden License from the Egyp-
sia-Ukraine war, keeping the cost of fuel lower litres of fuel that had arrived a few days earlier. tian authorities to turbocharge the regulatory
for consumers. WFP said it is impossible to distribute food, approval process to build the facility on 370,000
The subsidy will cost the Nigerian budget fertiliser, medicines and other emergency sup- acres of land in Nagaa Hamady industrial zone.
NGN3.36 trillion ($8bn) for the year. plies as loss of fuel will push communities in Construction is scheduled to begin in
The plan to borrow and sell was revealed Tigray already struggling with the impact of the Q1-2023 and production is set to start two years
on August 29 by Ahmad before the House of conflict further towards starvation. later. It is among the first projects chosen under
Representatives Committee on Finance, doing “It also prevents us from powering generators an industrial partnership between Egypt, Jordan,
a discussion on the 2023-2025 Medium Term and vehicles, so that WFP and humanitarian the UAE, and Bahrain and was selected because
Expenditure Framework (MTEF) and Fiscal partners can meet needs of the vulnerable pop- it meets the objectives of all four countries
Strategy Paper (FSP). ulations of Tigray, where an estimated 5.2mn involved, Khalifa told Enterprise.
The 2023 deficit is significantly larger than people face severe hunger,” the United Nations bna/IntelliNews, September 7 2022

P16 www. NEWSBASE .com Week 36 08•September•2022