Egypt's Ministry of Petroleum and the International Finance Corporation, the private sector arm of the World Bank Group, have signed an agreement for a technical assistance project to strengthen Egypt’s framework for private sector mining investments.
Managed by IFC’s technical assistance facility in the Middle East and North Africa, PEP-MENA, the joint project will undertake a review and reform Egypt’s mining laws, regulations, and taxation. Egypt’s government wants to liberalize the country’s mining industry to attract more domestic and foreign investment. The existing policy framework requires further improvements for Egypt to be able to compete internationally. IFC brings international expertise, drawing lessons from other countries to provide best practices to better serve the needs of private investors.
Gulrez Hoda, IFC’s Senior Regional Manager, said, “Egypt’s mining sector has outstanding potential. An improved policy framework, which clearly defines procedures for private investors, will help attract new investments and improve the country’s economy.”