Egypt: Petroleum Ministry, IFC explore financing opportunities in mining projects
During his meeting with the IFC's Regional Director for North Africa and Hom of Africa Cheick-Oumar Sylla, Minister of Petroleum and Mineral Resources Karim Badawi reviewed the ministry's efforts to create an investment-friendly environment in the mining sector.
He said that transforming the Egyptian Mineral Resources Authority (EMRA) into the Mineral Resources and Mining Industries Authority would enable the ministry to develop the sector and attract investments.
Badawi also announced the completion of an updated gold and minerals exploitation model in line with international standards. In this regard, the ministry signed agreements with AngloGold Ashanti and Barrick Mining Corporation to implement this investment-attracting model.
The minister affirmed that Egypt has the potential to become a regional hub for value-added industries by implementing projects focused on processing mineral raw materials and converting them into industrial products, thereby maximizing economic returns.
For his part, Sylla lauded Egypt's competitive advantages in the mining sector, including its abundant mineral resources, strategic geographic location, advanced infrastructure, and access to low-cost energy. He also hailed the country's skilled human resources, which positions Egypt as a promising destination for attracting global mining investments.
The regional director stressed the IFC's readiness to provide financial and technical support for key projects in Egypt, particularly in the mining value chain.
Moreover, he stressed the importance of continuing efforts to develop the energy sector's infrastructure and improve the investment climate, highlighting that international financing institutions play a crucial role in supporting sustainable development projects.
Both sides agreed to form joint technical teams to study future cooperation opportunities and identify priority mining projects eligible for financing, which will help achieve sustainable development goals and boost Egypt's economic returns.
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