EBRD partners with Egypt to expand mining sector
Agreement aims to attract investment, modernize regulations and boost mining’s contribution to Egypt’s economy
CAIRO, Egypt (MNTV) — Egypt has signed a cooperation agreement with the European Bank for Reconstruction and Development (EBRD) aimed at accelerating the development of the country’s mining sector as Cairo seeks to increase foreign investment and expand the industry’s role in the national economy.
The memorandum of understanding was signed between Egypt’s Board of Minerals and Mining Industries and the EBRD in the presence of officials from the Ministry of Petroleum and Mineral Resources and representatives of the bank.
According to Egyptian authorities, the agreement focuses on strengthening cooperation in mining sector reforms, improving governance standards and aligning Egypt’s regulatory and legal frameworks with international best practices.
Officials said the partnership would also support efforts to attract more exploration companies and encourage investment in early-stage mining projects by improving incentives and reducing barriers facing investors.
Egypt has launched broader reforms in recent years aimed at transforming mining into a larger contributor to the economy. The sector currently accounts for around 1% of Egypt’s gross domestic product, but the government aims to increase that share to between 5% and 6% over the medium term.
The country is also seeking to position mining as a major pillar of economic growth by expanding the exploitation of untapped reserves of gold and other minerals while improving the overall investment climate.
Egyptian Petroleum and Mineral Resources Minister Karim Badawi described the agreement as an important step that would support ongoing modernization efforts in the mining sector.
He said the partnership comes ahead of the Egyptian Mining Forum scheduled for September and is expected to strengthen cooperation between government agencies, investors and mining companies.
Badawi also highlighted progress in digital transformation across the sector, saying authorities are continuing efforts to modernize technical systems, infrastructure and investment incentives to improve competitiveness.
EBRD regional director Mark Davis praised Egypt’s recent mining reforms and said the sector offers significant investment opportunities.
He said working groups had already started identifying pilot projects and evaluating new technologies as part of the cooperation process.
Davis added that the EBRD remains committed to supporting Egypt’s long-term mining development strategy and efforts to attract international investment into the sector.
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
