Egypt discusses enhanced cooperation with IFC in mining, infrastructure sectors
Updated 11/20/2024 8:50:00 AM
Arab Finance: Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat held discussions with senior officials from the International Finance Corporation (IFC) to explore collaboration opportunities in mining and infrastructure development, as per a statement.
Al-Mashat lauded the strategic partnership between Egypt and the IFC, which has channeled $9 billion into private-sector investments, making Egypt a prominent partner among the IFC’s 100 operational countries.
She emphasized the government’s focus on revitalizing the mining sector, acknowledging past fiscal challenges but pointing to recent improvements such as resolving foreign partner dues.
The minister underscored the potential of Egypt’s mining sector, stressing the importance of attracting private-sector participation and leveraging international expertise.
She also highlighted Egypt's structural reforms in key areas, including electricity and renewable energy, which aim to foster a favorable climate for investment and sustainability initiatives.
These efforts align with the country’s long-term strategies, such as the National Climate Change Strategy 2050 and the National Sustainable Energy Strategy 2035, which seek to diversify energy sources and achieve 42% renewable energy production by 2030.
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