Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi has discussed potential cooperation with the African Finance Corporation (AFC) to finance and implement new projects across the oil, gas, refining, petrochemicals and mining sectors, according to a ministry statement on November 7.

Badawi met AFC Executive Director and Chief Investment Officer Sameh Shenouda and an accompanying delegation to explore investment opportunities, as well as cooperation in human capacity development and energy efficiency.

The talks covered potential AFC financing for exploration and production companies, upgrades to existing refineries and new refining projects.

The two sides also discussed funding petrochemical projects at various stages of planning, feasibility studies, financing and implementation, with a focus on producing higher-value products.

They also explored cooperation on energy efficiency and consumption reduction at petroleum and industrial facilities, including the use of technologies to lower energy consumption and operating costs, improve production efficiency and enhance environmental sustainability.

Badawi stressed the importance of expanding partnerships with international financing and investment institutions to support the development of Egypt’s petroleum and mining sectors, increase domestic production and maximize the economic value of natural resources.

The minister invited the AFC to participate in the next edition of the Egypt Mining Forum and the Egypt International Energy Conference and Exhibition (EGYPES 2027), scheduled for March, to explore investment opportunities and engage with companies and investors.