- Egypt and AFC will co-finance new projects to strengthen petroleum and mining output.
- Aerial mineral survey and investor incentives to attract emerging mining firms.
Egypt’s petroleum and mining cooperation is entering a new growth phase as the Ministry of Petroleum and Mineral Resources expands its partnership with the Africa Finance Corporation (AFC). Both sides plan to boost joint investments, increase production, and introduce innovative financing models that support long-term industrial growth.
Minister of Petroleum and Mineral Resources Karim Badawi met an AFC delegation in Cairo to discuss closer collaboration. The talks focused on attracting new investment into Egypt’s mining industry and improving the country’s refining capacity.
Badawi presented the Ministry’s integrated energy strategy. It targets exploration, production, refining, petrochemicals, mining, and green energy. Furthermore, he explained that recent reforms have made Egypt more attractive to global investors and energy companies.
He also confirmed that Egypt will soon conduct its first aerial mineral survey in over forty years. This project, backed by new investment incentives, will uncover fresh mining opportunities and attract startup firms into the sector.
In addition, Badawi emphasised Egypt’s key strengths. These include abundant minerals, strong infrastructure, reliable energy sources, and a supportive legal framework. Consequently, these assets create a stable foundation for sustainable growth and long-term partnerships.
Both sides also reviewed new funding plans for petroleum and mining projects. They agreed that increasing local production and cutting imports should remain top priorities. The Suez coking and diesel complex, currently under construction, is a key example. It will expand refining capacity and help close the gap between production and consumption.
Meanwhile, Sameh Shenouda, Executive Director and Chief Investment Officer at AFC, reaffirmed the Corporation’s strong commitment to Egypt’s petroleum and mining cooperation. He stressed that mining remains one of AFC’s strategic priorities and cited several successful projects across West Africa.
Shenouda also praised Egypt’s leadership role in the AFC. He noted that Egypt is now the second-largest shareholder among member states. He added that continued cooperation will enhance regional growth and promote sustainable energy development across Africa.