Cairo:The Ministry of Petroleum and Mineral Resources, in collaboration with the World Bank Group, has launched a partnership and national charter aimed at developing Egypt's mining sector. This initiative is part of a broader effort involving eight countries.
According to State Information Service Egypt, the national charter seeks to elevate the mining sector's contribution to Egypt's gross domestic product (GDP) to 6%. The plan encompasses legislative and financial reforms, enhancements to geological data to attract investment, and the development of digital systems and mineral processing centers.
The World Bank Group and the European Bank for Reconstruction and Development (EBRD) are jointly working to enhance governance, capacity, and investment attraction within the sector. Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, emphasized the country's commitment to creating an investment-friendly environment to foster a sustainable and competitive mining industry, positioning Egypt prominently on the regional and international investment map.
He highlighted the significance of partnerships with the World Bank and international financial institutions to secure funding, attract investment, and provide technical support. Namrata Thapar, the World Bank Group's Global Director for Metals and Minerals, praised Egypt's reforms and the clear national vision for the mining sector observed during the Egypt Mining Forum in Cairo. She acknowledged Egypt's mineral resources, infrastructure, and favorable investment climate as factors conducive to attracting investment and speeding up development.
Thapar noted that the progress observed denotes a strong commitment to sector development and optimizing Egypt's mineral resources, thus creating more opportunities for cooperation with the World Bank Group. Globally, the World Bank Group aims to increase its support for the mining sector fivefold, reaching $19 billion in support over fiscal years 2026-2030 by providing financing and mobilizing private-sector investment.