EGYPT New Stimulus Effort Planned ZIMBABWE Bonds to Be Sold for Mining Fund NIGERIA Key Oil Pipeline Closed Again

Cape Times (South Africa), October 11, 2013 | Go to article overview
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EGYPT New Stimulus Effort Planned ZIMBABWE Bonds to Be Sold for Mining Fund NIGERIA Key Oil Pipeline Closed Again


Egypt planned a second stimulus package worth billions of dollars early next year, Trade and Industry Minister Mounir Fakhry Abdel Nour said on Wednesday, as the government works to give people jobs and put money in their pockets during a tough political transition. The package was likely to be equal to or larger than a E[pounds]22.3 billion (R32.2bn) package announced in August, the minister said. Egypt's economy, crippled by more than two-and-a-half years of social and political turmoil, has been supported in recent months by funding from several Gulf Arab states. - Reuters

The Zimbabwean government would start a fund to finance mining in the country, Mines Minister Walter Chidakwa said yesterday. Bonds would be sold to create the fund, he said at a Confederation of Zimbabwe Industries meeting in Bulawayo. "It will be done," Chidakwa said. "We must create a sovereign wealth fund." Companies including Rio Tinto, Mwana Africa and Anglo American Platinum dig minerals and metals ranging from diamonds to gold and platinum in Zimbabwe, which has the biggest reserves of platinum and chrome after South Africa.

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EGYPT New Stimulus Effort Planned ZIMBABWE Bonds to Be Sold for Mining Fund NIGERIA Key Oil Pipeline Closed Again
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