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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. 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The meeting was attended by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC); Alaa Abdel Fattah, Chairperson of the Egyptian Petrochemicals Holding Company (ECHEM); Yasser Ramadan, Head of the Ministry’s Central Department for Geological Research and Information; and Mahmoud Nagy, the Ministry’s Undersecretary for Occupational Safety and Health, Energy Efficiency and Climate Affairs, and its Official Spokesperson.
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Culture

Handcrafting Ramadan

Marwa Morgan
Last updated: July 1, 2014 5:54 pm
Marwa Morgan
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2 Min Read
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Photo by Marwa Morgan
Photo by Marwa Morgan

 

Sunrays filter through rows of glass Ramadan lanterns, spraying colour over the narrow alley in Al-Darb Al-Ahmar. People view the displayed lanterns with admiration as they walk by, but only a few negotiations with shop owners end in a sale.

Using Lanterns in Ramadan celebrations is a tradition that goes back to the Fatimid era. Over the years, lanterns have been used for celebrating Ramadan by both kids and adults. Like many Egyptian business owners, the craftsmen who make the holiday lanterns are struggling to stay afloat amid economic and political instability. But they also face a unique challenge.

Over the past decade, mass produced toy-shaped lanterns from China have flooded the Egyptian market, slowly suffocating the traditional lantern industry.

The half-metre high traditional handmade lanterns, made of steel or copper, and coloured glass decorated with oriental patterns or calligraphy, take hours to build, but cost almost the same price as the imported toys of the same size.  The Chinese lanterns have trendy designs, flashing lights, sounds, and moving parts.

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

Photo by Marwa Morgan
Photo by Marwa Morgan

 

 

 

 

 

 

 

 

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Wednesday 08 May 2013, issue 2187
TAGGED:colourscopperCultureDNEEgyptramadansteel
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ByMarwa Morgan
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Marwa is a journalist and street photographer interested in cultural identities and contemporary art. Her website is www.marwamorgan.com. Follow her on twitter @marwamorgan.
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