Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with Robert Schlotterer, World Bank (WB) Group Metals and Minerals Practice Manager, possible cooperation with the bank’s entities -like the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA)- in financing exploration activities, risk management, and private sector expansion.

The talks, taking place during the Future Minerals Forum in Riyadh, included means to help  Egypt achieve its goal of lifting the mining sector’s contribution to gross domestic product (GDP)  from 1% to 5-6%, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).

Badawi and Schlotterer agreed that emphasis during the coming period should be on developing geological databases, expanding the use of digital solutions and electronic licensing platforms, along with supporting sustainable mining concepts through environmental management, human resource development, and enhancing the participation of local communities in mining areas.

Badawi pointed to a series of structural and regulatory reforms that took place in the sector, the most important of which was transforming the Mineral Resources Authority into an independent economic authority under the name Mineral Resources and Mining Industries Authority (MRMIA) to improve efficiency.

The cooperation between Egypt and the WB and its entities has extended for many years. Egypt and the IFC have recently formed joint technical teams to identify sustainable mining investment projects.