IFC praises Egypt's competitiveness of the mining sector

Karim Badawi, the minister of oil and mineral resources, met Cheick-Omar Sylla, Regional Director of the International Finance Corporation (IFC), a member of the World Bank Group, to discuss the cooperation in financing projects within the Egyptian mining sector.

During the meeting, Badawi outlined the ministry's initiatives to promote an investment -friendly environment within the mining sector. He emphasized the conversion of the Egyptian mineral resource authority into an independent commercial company that was now authorized to advance the development of the sector and attract investments. Badawi also noticed the successful implementation of an updated gold and minerals exploitation model that is based on international standards. This new, attractive model has already made agreements with two prominent global mining companies easier: Anglologold Ashanti and Barrick Mining Corporation.

The minister also emphasized the essential potential of Egypt to get out as a regional hub for value creation industries. He added that this can be achieved by promoting projects that concentrate on the processing of mineral raw materials and transform them into industrial products and thus maximize the economic returns.

For his part, Sylla praised the competitive advantages of Egypt in the mining sector and in particular quoted his abundant mineral resources, the strategic geographical location, the advanced infrastructure and access to the most competitive energy in Africa. He also emphasized the qualified human resources of Egypt and added that all these elements jointly position the country as a promising goal for global mining investments.

At the end of the meeting, both sides declared to set up common technical teams. These teams will have the task of examining future cooperation opportunities and identifying primary mining projects that are entitled to finance ultimately contribute to the goals for sustainable development and maximize the economic returns Egyptens.