Egypt secures financing and investment worth US$9 billion for mining, infrastructure development
Egypt has secured financing and investment worth US$9 billion for the private sector through its partnership with the International Finance Corporation (IFC), according to Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat.
During a meeting with IFC officials, the minister explored opportunities for cooperation in the mining and infrastructure sectors.
Al-Mashat underscored the government’s commitment to revitalizing the mining and extraction sector, which is showing signs of recovery following last year’s economic challenges and the settlement of foreign partners’ dues.
She emphasized the importance of unlocking the sector’s vast potential by engaging the private sector and welcomed the IFC’s expertise in this domain.
The minister highlighted Egypt’s National Strategy for Climate Change 2050, which aims to achieve sustainable development while tackling climate-related challenges.
This strategy focuses on enhancing resilience to climate risks and natural disasters. Additionally, the National Sustainable Energy Strategy 2035 sets a target to diversify energy sources, with 42% of electricity projected to come from renewable sources ,such as solar, wind, and hydropower by 2030.
Valerie Levkov, IFC’s Global Industry Director for Energy, Metals & Mining, and Sustainable Infrastructure Advisory, affirmed the corporation’s interest in collaborating with Egypt on the mining sector.
She identified it as a key area for partnership, reflecting the IFC’s commitment to supporting Egypt’s efforts to maximize its resources and drive sustainable development.
