Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from the Africa Finance Corporation (AFC) to explore means to strengthen cooperation opportunities in the mining and petroleum sectors. 

The discussions focused on collaboration, aligning with the Ministry’s priorities to attract more investments into Egypt’s mining sector, particularly from emerging mining companies, and on developing new financing mechanisms that meet the needs of the sector.

Both sides also reviewed potential funding opportunities for projects aimed at increasing local production, especially in oil refining, to reduce imports and bridge the gap between production and consumption of petroleum products, particularly diesel. Such projects as the Suez coking and diesel production complex, which is currently under construction. 

Badawi outlined the key pillars of the Ministry’s strategy, which define investment priorities across exploration, production, refining, petrochemicals, mining, and green energy. He highlighted recent efforts to stimulate investment in oil and gas exploration and production, as well as to create a more attractive investment climate in the mining sector.

The Minister highlighted plans to conduct Egypt’s first aerial survey for mineral resources in over 40 years, alongside a package of incentives designed to attract startup mining companies.

He stressed that Egypt possesses unique competitive advantages in the mining sector, including geology-rich minerals, robust infrastructure, diverse energy resources, and an encouraging legislative framework

For his part, Sameh Shenouda, Executive Director and Chief Investment Officer at AFC, expressed the Corporation’s interest in deepening cooperation with Egypt in the petroleum and mining sectors. 

Shenouda emphasized that mining is among AFC’s priorities, noting that the Corporation has active investments across several West African countries in mine fields and infrastructure projects of the mining sector. He also highlighted that Egypt is the second-largest shareholder among AFC’s member states.