Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with representatives of the International Finance Corporation (IFC), the private sector arm of the World Bank,    investment and financing opportunities within the domains of petroleum refining, petrochemicals, and value-added industries, as well as the mining sector and the exploitation of mineral ores.

This came through a meeting which included Ethiopis Tafara, IFC’s Vice President for Africa, and Cheick-Oumar Sylla, the IFC Regional Director for North Africa and the Horn of Africa

They also identified potential avenues of cooperation between the Ministry and the IFC, as a key developmental partner for Egypt, to provide financing mechanisms to leverage the refining sector’s infrastructure.

Badawi highlighted the reforms and incentive measures implemented over the past year and a half to create an attractive investment climate in the oil and gas sector. This includes committing to the timely settlement of arrears owed to foreign partners in exploration, development, and production activities, as well as offering investment incentive packages that have helped restore confidence and support local production.

He also highlighted the reforms undertaken in Egypt’s mining sector to attract investments in gold and mineral exploration, and to facilitate partnerships for establishing industrial projects in order to add value and increase the sector’s contribution to the country’s GDP.  These reforms have already facilitated agreements with two prominent global mining companies: AngloGold Ashanti and Barrick Mining Corporation.

There is a plan to develop and maximize the utilization of existing petroleum refineries through the implementation of six projects with total investments exceeding $4 billion, Badawi pointed out.These projects aim to boost production and add value while reducing the country’s fuel import bill, he added.

For his part, Tafara praised the reforms adopted by the ministry, reaffirming IFC’s commitment to further supporting the partnership with Egypt. He noted that the mining sector is among IFC’s top priorities in Africa, with a focus on maximizing the added value of mineral resources.

Egypt and the IFC agreed to form joint technical teams last year to study future cooperation opportunities and identify priority mining projects that are eligible for financing, ultimately contributing to sustainable development goals and maximizing Egypt’s economic returns.