IDB signs deal with Kyrgyzstan

Updated 04 December 2014

IDB signs deal with Kyrgyzstan

The Jeddah-based Islamic Development Bank on Thursday signed an agreement with Kyrgyzstan to finance five advanced mobile health clinics to be deployed in rural areas of the Central Asian country.
Kyrgyz President Almazbek Atambayev thanked Custodian of the Two Holy Mosques King Abdullah for donating the clinics as a part of a SR1 billion project.
Atambayev graced the signing of the agreement between Kyrgyz Foreign Minister Erlan Abdyldaev and IDB President Ahmad Mohamed Ali in Makkah.
The IDB chief said the health clinic project in Kyrgyzstan is part of a SR1 billion ($266.5 million) program totally funded by King Abdullah and implemented by IDB, adding that it involves establishment of 75 mobile clinics in several Islamic countries and Muslim communities.
The program is aimed at offering general medical services to people in the least developed areas and providing medical treatment for the needy. The clinics will provide primary health care, medical x-rays and tests.
The program will also contribute to improving health care services in countries that benefit from the program as well as to training and upgrading their medical staff in accordance with global professional standards.
“It will also enable the beneficiary countries to meet the requirements for treatment of eye diseases, ENT and urinary tract disorders as well as cancer and heart ailments,” the IDB president said.
He said in addition to Kyrgyzstan the project would also cover Pakistan, Tajikistan, Afghanistan and Yemen as well as a number of other Asian countries.
President Atambayev left the Kingdom on Thursday at the conclusion of his official visit to the Kingdom, during which he held talks with Custodian of the Two Holy Mosques King Abdullah and Crown Prince Salman, deputy premier and minister of defense, on major regional and international issues as well as on expanding bilateral cooperation.


Oil recoups losses as OPEC, US Fed see robust economy

Updated 14 November 2019

Oil recoups losses as OPEC, US Fed see robust economy

  • US-China trade deal will help remove ‘dark cloud’ over oil, says Barkindo

LONDON: Oil prices reversed early losses on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said it saw no signs of global recession and rival US shale oil production could grow by much less than expected in 2020.

Also supporting prices were comments by US Federal Reserve Chair Jerome Powell, who said the US economy would see a “sustained expansion” with the full impact of recent interest rate cuts still to be felt.

Brent crude futures stood roughly flat at around $62 per barrel by 1450 GMT, having fallen by over 1 percent earlier in the day. US West Texas Intermediate crude was at $56 per barrel, up 20 cents or 0.4 percent.

“The baseline outlook remains favorable,” Powell said.

OPEC Secretary-General Mohammad Barkindo said global economic fundamentals remained strong and that he was still confident that the US and China would reach a trade deal.

“It will almost remove that dark cloud that had engulfed the global economy,” Barkindo said, adding it was too early to discuss the output policy of OPEC’s December meeting.

HIGHLIGHT

  • US oil production likely to grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations.
  • The prospects for ‘US crude exports had turned bleak after shipping rates jumped last month.’

He also said some US companies were now saying US oil production would grow by just 0.3-0.4 million barrels per day next year — or less than half of previous expectations — reducing the risk of an oil glut next year.

US President Donald Trump said on Tuesday Washington and Beijing were close to finalizing a trade deal, but he fell short of providing a date or venue for the signing ceremony.

“The expectations of an inventory build in the US and uncertainty over the OPEC+ strategy on output cuts and US/China trade deal are weighing on oil prices,” said analysts at ING, including the head of commodity strategy Warren Patterson.

In the US, crude oil inventories were forecast to have risen for a third straight week last week, while refined products inventories likely declined, a preliminary Reuters poll showed on Tuesday.

ANZ analysts said the prospects for US crude exports had turned bleak after shipping rates jumped last month.