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Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi discussed ways to enhance cooperation with the World Bank in the mining sector, according to a statement.
Badawi met with Robert Schlotterer, Manager of Policy and Regulations at the World Bank, on the sidelines of his participation in the fifth edition of the Future Minerals Forum in Riyadh.
The two officials reviewed opportunities to strengthen cooperation with the World Bank Group, including the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), particularly in the areas of financing mineral exploration, risk management, and enhancing private sector participation.
During the meeting, the minister asserted that Egypt plans to increase the mining sector's contribution to the gross domestic product (GDP) from 1% to 5%-6% in the coming years. This is expected to diversify income sources, boost exports, and secure job opportunities.
He also underlined the significant reforms that have been implemented by the government, including the transformation of the Egyptian Mineral Resources Authority (EMRA) into an economic authority.
Such a move aimed to enhance performance efficiency and bolster investor confidence in Egypt's mining investment environment.
Furthermore, Badawi addressed the growing interest from major international mining companies in the Egyptian market, in light of the updates made to the sector's legislative and financial framework, which have resulted in the recent signing of several agreements.
