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Arab Finance: China-based Xingfa Group plans to invest $2 billion in an integrated project for exploring, extracting, and producing various high-quality phosphate products in Egypt, according to a statement.
In his meeting with Yali Cheng, Director of Hubei Xingfa Chemicals Group, Minister of Petroleum and Mineral Resources Karim Badawi reviewed the company’s investment plans in Egypt.
Badawi affirmed that the project aligns with the ministry’s efforts to advance the mining sector and expand value-added industries by leveraging mineral resources.
The petroleum ministry will provide full support through its working groups to finalize a memorandum of understanding (MoU) in this regard and take the necessary steps to begin building the joint venture (JV).
For their part, the Chinese group’s delegation voiced interest in entering the Egyptian market and investing in the mining and chemicals sectors.
They lauded Egypt’s investment climate and the government’s encouraging incentives.
Moreover, the company intends to invest up to $2 billion in a mega project at the Golden Triangle Economic Zone (GTEZ), to be implemented over three phases. The project will focus on phosphate ore exploration, extraction, and related industrial production.
In 2025, Prime Minister Mostafa Madbouly stressed the government’s commitment to supporting the GTEZ, citing its strategic potential for driving projects that align with Egypt’s sustainable development plans.
