Egypt’s petroleum sector prepares for new investment opportunities with World Bank support
Updated 9/5/2024 2:26:00 PM
Arab Finance: The Egyptian petroleum sector is preparing for new investment opportunities aimed at attracting international partners and financing entities, such as the World Bank, to support production efficiency and sustainability in Egypt, Minister of Petroleum and Mineral Resources Karim Badawi announced in a meeting with a World Bank delegation.
Badawi highlighted the importance of international cooperation, particularly with the World Bank, which supports key projects in energy efficiency, environmental conservation, and mining sector development.
Moreover, he outlined the sector’s ambitious plans and the role of the World Bank in financing projects, such as the natural gas delivery to homes, which has already seen $300 million in support over 10 years, benefiting around 1.5 million homes across 11 governorates, with plans to expand delivery to 2.3 million families in 20 governorates.
The minister also noted the preparation of a project plan for the "COP29" summit in Baku, Azerbaijan, and the continued efforts to reduce carbon emissions.
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