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    Karim Badawi, Minister of Petroleum and Mineral Resources, discussed opportunities to strengthen cooperation with the Africa Finance Corporation (AFC) in financing and implementing new projects across the petroleum, natural gas, refining, petrochemicals and mining sectors. The discussions took place during a meeting with Sameh Shenouda, AFC Executive Director and Chief Investment Officer, and an accompanying delegation. They also covered cooperation in human capital development and improving energy efficiency. Badawi stressed the importance of expanding partnerships with international financing and investment institutions and leveraging their expertise and financial capabilities to support the development of Egypt’s petroleum and mining sectors. He highlighted the wide range of investment opportunities available to potential partners, as well as the government’s efforts to create an attractive investment climate and accelerate project implementation, with the aim of increasing domestic production and maximising the economic returns from natural resources. The meeting explored opportunities for AFC to provide financing for the activities of exploration and production companies. The two sides also reviewed projects to upgrade existing refineries and opportunities to finance new refining facilities, helping expand production capacity and increase the added value of petroleum products. In the petrochemicals sector, Badawi presented several projects aimed at producing higher-value products, which are currently at different stages of planning, feasibility studies, financing arrangements and implementation. The discussions examined potential AFC participation in financing these projects. Mining featured prominently in the talks, with the minister outlining developments in the sector following reforms and measures aimed at attracting long-term investment, maximising the value of mineral resources and linking raw material extraction to downstream manufacturing industries. He highlighted the introduction of the Open Blocks system, which provides mining companies and investors with new opportunities to access concession areas and launch exploration activities as part of efforts to modernise the mining investment framework. Badawi also highlighted promising investment opportunities in phosphate processing, given Egypt’s substantial phosphate reserves and resources. He explained that the government is prioritising domestic processing to produce higher-value products and will refrain from signing new contracts for raw phosphate exports while honouring existing agreements. The policy aims to expand downstream industries and maximise the economic returns generated by the country's phosphate resources. Available opportunities include projects to produce phosphoric acid and various types of phosphate fertilisers, creating scope for AFC to finance different stages of the value chain, from raw material processing to finished products. AFC expressed interest in these opportunities. The two sides also discussed financing mechanisms for mining start-ups, particularly companies that have recently secured new concession areas and require funding to begin exploration activities. For his part, Shenouda reaffirmed AFC’s interest in supporting projects that transform Africa’s mineral resources into higher-value manufactured products within the continent. He said such projects would strengthen local manufacturing, support economic development and create employment opportunities, noting that AFC was exploring potential cooperation with Egyptian companies and existing projects in this field. As part of efforts to develop human capital, the two sides discussed the possibility of implementing joint training programmes to strengthen the technical, administrative and legal capabilities of employees in the mining sector. The discussions included opportunities to benefit from training programmes developed by AFC in cooperation with Australia’s Murdoch University, as well as the corporation’s experience in training public-sector employees in several African countries. The meeting also addressed potential cooperation on projects to improve energy efficiency and rationalise consumption at petroleum and industrial facilities. 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Egypt goes head-to-head with Morocco at the Emirates Airlines Basketball Championship finals 

Maya Nawar
Last updated: January 8, 2017 4:26 pm
Maya Nawar
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Egypt is slated to face Morocco at 8pm on Sunday at the finals of the 22nd Emirates Airlines Basketball Championship for Arab teams. Both teams are vying for the championship title after emerging victorious from their respective semifinal matches on Saturday.

The match is widely anticipated as both teams met at the qualifying round of the competition. Morocco narrowly defeated Egypt 73-68 during the qualifier, and the team will be looking to compensate for their early loss with a championship victory.

Morocco has yet to lose a single match in this competition.

Egypt played against Bahrain on Saturday, snatching victory from their rivals. By the end of the first quarter Egypt led by 27-19. By the second quarter, Egypt extended its lead to 49-33, before securing a lead of 70-48 in the third quarter. By the end of the fourth quarter, Egypt’s lead increased to 86-56.

The victory came at a cost, however, as Egypt’s Omar Tarek was injured in the final moments of the third quarter. He was replaced by Hamad Fathy.

The other semifinal match played on Saturday, was between Morocco and Saudi Arabia, where Morocco won the match by 81-71.

On Sunday, at 6.00pm, Bahrain and Saudi Arabia will play a match to determine the winner of the bronze medal.

Photos courtesy of Mohamed El-Sayed and Mohamed Nagy

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