Arab Finance: Egypt is moving to accelerate the implementation of the integrated phosphate fertilizer plant in Ain Sokhna, being developed by a partnership between the Mineral Resources and Mining Industries Authority (MRMIA), the New Valley Company for Mineral Resources and Oil Clay (Wadico), and Elsewedy Capital, as per a statement.

Minister of Petroleum and Mineral Resources Karim Badawi reviewed the project's latest developments and steps to expedite its implementation during a meeting with Ahmed Elsewedy, Chairman of Elsewedy Capital.

The project forms part of the ministry's strategy to increase the value generated from Egypt's mineral resources by expanding domestic manufacturing and converting raw materials into finished and intermediate products with higher added value.

Badawi said the plant represents a step toward developing Egypt's phosphate industry and increasing its economic returns, while supporting domestic industry and strengthening the country's production and export capabilities.

He highlighted the private sector's role in implementing manufacturing projects and utilizing the country's natural resources, pointing to Elsewedy Capital's participation in the phosphate fertilizer project.

During the meeting, Badawi directed the parties involved to accelerate the completion of implementation procedures and address challenges that could arise during the project's execution. He also called for stronger coordination among the relevant parties to maintain the targeted implementation timetable.

The ministry is seeking to expand integrated industries that rely on locally sourced mineral resources as part of efforts to generate greater economic value and create additional opportunities for investment, production, and exports.

The project also aligns with the ministry's strategy to shift the mining sector beyond the extraction and processing of raw materials toward integrated manufacturing industries, to increase returns from Egypt's mineral resources and strengthen the competitiveness of Egyptian products in domestic and international markets.