Egypt explores strengthening energy, mining collaboration with IFC
Updated 11/18/2024 4:14:00 PM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has discussed ways to enhance cooperation in Egypt’s energy and mining sectors with a delegation from the International Finance Corporation (IFC), a development arm of the World Bank, as per a statement.
The meeting tackled the investment opportunities in Egypt’s oil and gas industries, as well as projects in energy transition and green energy.
Badawi emphasized the promising potential of the mining sector, outlining the ministry’s goal to increase its contribution to the national gross domestic product (GDP) from the current 1% to a range between 5 and 6%.
He noted that private sector involvement would play a key role in achieving this growth.
The IFC delegation, led by Valerie Levkov, the Global Industry Director for Energy, Metals & Mining, and Sustainable Infrastructure Advisory at IFC, praised Egypt as a top African destination for investment.
Levkov highlighted the close collaboration between Egypt and the IFC in recent years and expressed the institution’s commitment to further strengthening this partnership.
She added that the IFC is working to attract private investments and expand markets in energy, mining, and sustainable infrastructure.
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