European Bank for Reconstruction and Development partners with Egypt to develop mining sector
RIYADH: Egypt’s mining sector is set to benefit from a new agreement with the European Bank for Reconstruction and Development aimed at supporting its development and growth.
The memorandum of understanding aims to strengthen frameworks for joint cooperation, contributing to the North African country’s objectives of maximizing the utilization of mineral resources, increasing the sector’s contribution to the national gross domestic product, and enhancing its attractiveness to local and foreign investments, according to a statement.
Egypt is pursuing an ambitious transformation of its mining sector, which currently contributes around 1 percent to national GDP. The government aims to raise this share to 5 to 6 percent in the medium term by improving the investment climate and unlocking the country’s substantial untapped mineral resources.
This strategy focuses on attracting greater foreign direct investment and positioning the mining industry as a key pillar of economic growth, supported by regulatory reforms and efforts to maximize the value of the country’s vast reserves of precious and base metals.
