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Petroleum Minister talks with World Bank on mining funding
Egyptian Minister of Petroleum, Engineer Kareem Badawi, discussed with Namrata Thapar from the World Bank Group ways to finance and develop the mining sector in Egypt. The goal is to increase its contribution to the gross domestic product (GDP) from less than 1% currently to around 6%. The meeting focused on supporting high-value-added projects, particularly in phosphate and fertilizers, building human capacities, and improving the investment environment by strengthening partnerships with the private sector and international financial institutions. The two sides also agreed to prepare a comprehensive plan that includes assessing mineral resources, transforming the mining sectors into an integrated value chain, supporting startups, and connecting them with investors to accelerate projects and maximize the economic benefits of Egypt’s mineral resources.
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