Minister of Petroleum and Mineral Resources Tarek El Molla met with a delegation from the African Export-Import Bank (Afreximbank) headed by Benedict Oramah, President and Chairman of the Bank.

The meeting discussed the possibility of the bank contributing to financing the new phosphoric acid production project, which will be established in the Abu Tartour plateau in the New Valley Governorate.

During the meeting, El Molla stated that the ministry’s strategy attaches great importance to value-added projects, especially since the phosphoric acid production project will contribute to maximizing the added value of phosphate ore, and that the project is being implemented to complete the state’s approach to exploiting natural resources and encouraging investments in the areas of manufacturing them to produce high-quality products of great economic value instead of exporting them in their raw form.

For his part, Oramah highlighted the importance of the strategic partnership with the Egyptian side and the bank’s support for the various projects that it contributes to financing in Egypt to ensure continuity of implementation.

Oramah expressed his aspiration to expand the areas of cooperation with the petroleum sector in many important projects that he is currently working on implementing.