Karim Badawi, the Minister of Petroleum and Mineral Resources, met with Cheick-Oumar Sylla, Regional Director of the International Finance Corporation (IFC), a member of the World Bank Group to discuss cooperation in financing projects within Egypt’s mining sector.

During the meeting, Badawi outlined the ministry’s initiatives to foster an investment-friendly environment within the mining sector. He highlighted the transformation of the Egyptian Mineral Resources Authority into an independent economic entity, now empowered to drive sector development and attract investments. Badawi also noted the successful implementation of an updated gold and minerals exploitation model, crafted to align with international standards. This new attractive model has already facilitated agreements with two prominent global mining companies: AngloGold Ashanti and Barrick Mining Corporation.

The Minister also highlighted Egypt’s substantial potential to emerge as a regional hub for value-added industries. He added that this can be achieved by advancing projects that focus on processing mineral raw materials and transforming them into industrial products, thereby maximizing economic returns.

For his part, Sylla commended Egypt’s competitive advantages in the mining sector, specifically citing its abundant mineral resources, strategic geographic location, advanced infrastructure, and access to the most competitive low-cost energy in Africa. He also highlighted Egypt’s skilled human resources, adding that all these elements collectively position the country as a promising destination for global mining investments.

At the end of the meeting, both sides agreed to establish joint technical teams. These teams will be tasked with studying future cooperation opportunities and identifying priority mining projects that are eligible for financing, ultimately contributing to sustainable development goals and maximizing Egypt’s economic returns.