Kuwait’s government has approved a US$5.2bn aid package to stimulate the economy.
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The EBRD plans to increase the limits on its trade facilitation programme (TFP) from €800mn to €1.5bn for participating banks, to help them cope with the tightening credit conditions caused by the global recession.
In its annual review of funds in the Middle East and
Kuwait’s government is allegedly considering to set up a multi-billion bailout fund to help troubled firms in light of the global financial crisis, several newspapers reported.
In January, the Bank of London and the Middle East (BLME) arranged a £10mn (€10.7mn) shariah financing facility for Ocado, an independent online grocer in the UK.
In late February, the Dubai government issued a US$10bn bond, which was entirely subscribed by the UAE central bank, in a sign that the debt-laden Emirate is receiving greater federal support.
Latvia’s president has nominated former finance minister Valdis Dombrovskis as prime minister and asked him to form a new coalition government at the end of February.
Uralsib leasing company, a subsidiary of Bank Uralsib, has announced the placement of bonds with a total value of R1.5bn on the Moscow Interbank Currency Exchange (MICEX).
In February, the Saudi government named Muhammed Al-Jasser to be the new governor of the Saudi Arabian Monetary Agency (SAMA), the country’s central bank.
On February 27, the largest multilateral investors and lenders in Eastern Europe – the European Bank for Reconstruction and Development, the European Investment Bank and the World Bank – have pledged to provide up to €24.5bn to support the banking sectors in the region and to fund lending to businesses hit by the global economic crisis.
Standard Bank is entering into a strategic partnership with Troika Dialog, one of the biggest investment banks in Russia. Standard intends to become a 33% shareholder in Troika.
Eastern Europe is facing a severe recession, but not a collapse, according to Thomas Mirow, president of the EBRD.