Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with International Finance Corporation (IFC) officials to explore opportunities for collaboration in the mining and infrastructure sectors.
The Monday meeting, held in Cairo, aimed to leverage the IFC’s expertise and financing capabilities to drive sustainable economic growth in Egypt.
Al-Mashat highlighted Egypt’s rich mineral resources and its strategic location as key factors attracting foreign investment.
She emphasized the government’s commitment to creating a conducive business environment for mining companies, including streamlining regulations and providing incentives.
The minister also underscored the importance of attracting private sector investment to develop the mining sector and maximize its potential.
The IFC, a member of the World Bank Group, has a long-standing partnership with Egypt. The organization has been instrumental in financing various infrastructure projects, including renewable energy initiatives. By partnering with the IFC, Egypt aims to accelerate the development of its mining sector and attract foreign direct investment.
During the meeting, both parties discussed potential areas of collaboration, including financing for mining projects, technical assistance, and capacity building. The IFC’s expertise in project finance, risk management, and environmental and social standards can be invaluable in supporting Egypt’s mining sector.
Egypt’s ambitious renewable energy goals, including the target of generating 42% of electricity from renewable sources by 2030, were also discussed. The country’s strategic location and abundant solar and wind resources make it well-positioned to become a regional renewable energy hub. The IFC’s support in financing renewable energy projects can help Egypt achieve its climate change goals and ensure a sustainable energy future.
As Egypt continues to prioritize economic diversification and sustainable development, the partnership with the IFC is expected to play a crucial role in unlocking the country’s full potential.
