PHOTO
Arab Finance: Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi met with Ethiopis Tafara, Vice President of the International Finance Corporation (IFC) for Africa, to discuss investment and financing opportunities across petroleum refining, petrochemicals, value-added industries, and the mining sector, according to a statement issued by the ministry.
Discussions covered providing financing that would help accelerate the utilization of infrastructure in the petroleum refining sector, with the IFC described as a key development partner for Egypt.
Badawi reviewed the reforms and incentive measures implemented over the past year and a half to improve the investment climate in the oil and gas sector.
These measures included a commitment to settling outstanding dues owed to investment partners in exploration and production, alongside new investment incentive packages that have contributed to restoring investor confidence and supporting local production.
The minister also outlined reforms introduced in the mining sector to attract investment in gold and mineral exploration, as well as to facilitate partnerships aimed at establishing industrial projects based on Egyptian mineral resources.
He said these efforts are intended to generate added value and increase the sector’s contribution to gross domestic product.
During the meeting, Badawi highlighted a plan to develop and maximize the use of existing oil refineries through six projects with total investments exceeding $4 billion.
He said the projects would support higher production and added value while helping reduce the fuel import bill.
He stressed that safety standards, asset integrity, safe operations, and compliance with environmental requirements remain fundamental and non-negotiable principles of the petroleum sector.
For his part, Tafara affirmed the IFC’s commitment to continuing its partnership with Egypt and expressed interest in strengthening cooperation with the ministry, noting that mining is among the corporation’s priority sectors in Africa, with a focus on maximizing the added value of mineral resources.
At the conclusion of the meeting, both sides agreed to hold joint meetings between specialists from the ministry and the IFC in the near future to continue consultations on cooperation priorities.
