{"id":550348,"date":"2022-10-24T03:54:17","date_gmt":"2022-10-24T03:54:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/"},"modified":"2022-10-24T03:54:17","modified_gmt":"2022-10-24T03:54:17","slug":"developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/","title":{"rendered":"Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals"},"content":{"rendered":"

<\/a> Debt relief? What debt relief?<\/strong> Policymakers, investors and campaigners have been left disappointed by a lack of progress by the G20 to agree debt relief measures for poorer nations, Reuters<\/a> reports. Rich nations are yet to make headway on the G20 Common Framework proposed in the wake of the covid-19 pandemic two years ago as key creditors drag their heels. According to the World Bank, low-income nations face USD 35 bn in debt-service payments to creditors this year, with more than 40% of that debt due to China.<\/p>\n

No debt relief, no green transition:<\/strong> Highly indebted poor nations will struggle to gather the financial resources necessary to decarbonize their economies, making meaningful debt relief all the more important, according to The Banker<\/a>, which cites statements by former World Bank special envoy for climate change Rachel Kyte. \u201cIt is very difficult to talk about climate finance or financing a green transition if you are debt distressed,\u201d she said, adding that 60% of low-income countries and 30% of emerging markets are in debt distress.<\/p>\n

Are we a step closer to a regional green IPO? <\/strong>The Emirates Central Cooling Systems Corporation (Empower<\/a>) borrowed USD 1.5 bn from Emirates NBD Bank<\/a>, in part to fund a special dividend payment ahead of a potential IPO, Bloomberg<\/a> reports. Empower is looking to raise as much as USD 700 mn from the IPO as early as next week<\/a>. We bring have more in this morning\u2019s edition<\/a>of Enterprise Climate<\/a>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,258<\/p>\n<\/td>\n

\n

-0.2% (YTD: -14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 19.62<\/p>\n<\/td>\n

\n

Sell 19.73<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 19.65<\/p>\n<\/td>\n

\n

Sell 19.71<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,007<\/p>\n<\/td>\n

\n

+0.4% (YTD: +6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,114<\/p>\n<\/td>\n

\n

-0.2% (YTD: +19.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,399<\/p>\n<\/td>\n

\n

0.0% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,753<\/p>\n<\/td>\n

\n

+2.4% (YTD: -21.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

6,970<\/p>\n<\/td>\n

\n

+0.4% (YTD: -5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,477<\/p>\n<\/td>\n

\n

-0.5% (YTD: -19.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent cr<\/strong>u<\/strong>de<\/strong><\/p>\n<\/td>\n

\n

USD 93.50<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.96<\/p>\n<\/td>\n

\n

-7.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,656.30<\/p>\n<\/td>\n

\n

+1.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 19,602<\/p>\n<\/td>\n

\n

+2.1% (YTD: -57.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 976.9 mn (3.7% below the 90-day average). International investors were net sellers. The index is down 14.2% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+2.0%), Fawry (+1.7%) and Alexandria Containers and Cargo Handling (+1.6%).<\/p>\n

In the red: <\/strong>Egypt Kuwait Holding-EGP (-3.7%), Telecom Egypt (-1.9%) and Cleopatra Hospitals (-1.8%).<\/p>\n

Asian markets are mostly up in early trading this morning<\/strong> and futures suggest the major European indices will also open in the green, with a similarly upbeat picture shaping up for Wall Street when it opens a little later on.<\/p>\n","protected":false},"excerpt":{"rendered":"

Debt relief? What debt relief? Policymakers, investors and campaigners have been left disappointed by a lack of progress by the G20 to agree debt relief measures for poorer nations, Reuters reports. Rich nations are yet to make headway on the G20 Common Framework proposed in the wake of the covid-19 pandemic two years ago as […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,7106,72,119,926,570,91,122,296,594,414],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550348","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-debt","tag-enterpriseam","tag-financial-markets","tag-g20","tag-japan","tag-oil-and-gas","tag-planet-finance","tag-qatar","tag-shell","tag-south-korea","wpautop","entry"],"acf":{"mongo_id":"e007f1df-dca4-41b4-9161-eb50813d2902","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[550330],"teaser":"","voice_url":""},"yoast_head":"\nDeveloping world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/24\/developing-world-debt-is-going-nowhere-and-thats-a-barrier-to-climate-goals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developing world debt is going nowhere \u2014 and that\u2019s a barrier to climate goals\" \/>\n<meta property=\"og:description\" content=\"Debt relief? 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Chad, Zambia, Ethiopia and Ghana have all sought to receive debt relief under the G20 framework and \u201cfour or five\u201d additional African nations may soon\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/544.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542821,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/poorest-countries-inch-closer-to-debt-crisis-as-pandemic-relief-program-ends\/","url_meta":{"origin":550348,"position":2},"title":"Poorest countries inch closer to debt crisis as pandemic relief program ends","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"Low-income countries are in peril over debt, World Bank warns: Developing countries are facing a 45% surge in debt repayments this year compared to 2020, as pandemic-era borrowing comes home to roost, the World Bank said in its latest semi-annual economic outlook. A group of 74 low-income countries will see\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572275,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/","url_meta":{"origin":550348,"position":3},"title":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559760,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/we-have-a-lot-of-debt-but-low-risk-levels-morgan-stanley\/","url_meta":{"origin":550348,"position":4},"title":"We have a lot of debt, but low risk levels -Morgan Stanley","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"When it comes to the world\u2019s most indebted countries, Egypt is best in class in terms of debt manageability, according to Morgan Stanley, which has lumped the nations with the weakest credit ratings into three categories depending on the level of risk, Reuters reports. Egypt \u2014 along with Jordan, Nigeria,\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585406,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/imfs-africa-head-calls-for-urgent-debt-reform\/","url_meta":{"origin":550348,"position":5},"title":"IMF\u2019s Africa head calls for urgent debt reform","author":"enterpriseam admin","date":"18 April 2023","format":false,"excerpt":"Abebe Selassie pushes the continent\u2019s creditors on debt relief","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=550348"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/550348\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/550330"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=550348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=550348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=550348"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=550348"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=550348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}