Cairo, IFC probe more collaboration in mining, sustainable infrastructure

Minister of Planning, Economic Development, and International Co-operationRania al-Mashat, who doubles as Egypt’s Governor at the World Bank (WB) met on Monday with Global Director for Industry, Energy, Mining, and Sustainable Infrastructure at the International Finance Corporation (IFC) Valérie Levkov.

Discussions between al-Mashat and Levkov probed mechanisms to enhance co-operation with IFC in various infrastructure sectors, mainly mining.

Al-Mashathighly appreciated the fruitful strategic partnership with IFC, which has provided financing and investments amounting to $9 billion for Egypt’s private sector.

She emphasised Egypt’s commitment to maximising the potential of its mining sector, particularly by involving the private sector and leveraging IFC’s global expertise in the field.

Al-Mashathighlighted the structural reforms implemented by the State in key sectors, such as electricity and renewable energy, to create a favourable environment for climate financing and to encourage investments in renewable energy.

She referred to Egypt’s National Strategy for Climate Change 2050, which aims to achieve sustainable development while addressing climate risks, and the National Sustainable Energy Strategy 2035, which targets generating 42% of electricity from renewable sources by 2030.

The Minister further discussed the updated Nationally Determined Contributions (NDCs) submitted in 2022, reflecting Egypt’s commitment to the Paris Agreement, supported by specific initiatives like expanding renewable energy capacity and improving energy efficiency.

Al-Mashat also pointed to  “Hafaz” platform, which bridges the information gap through providing the private sector with access to advisory services, technical support, and financing options offered by development partners.

For her part, Levkov affirmed IFC’s interest in Egypt’s mining sector, describing it as a key area for collaboration.

She also underlined the potential of natural resources to support local manufacturing and highlighted IFC’s focus on sectors such as zinc, phosphate, gold, and fertilisers to identify high-value opportunities in the Egyptian market.

The IFC has led a coalition of nine global banks to invest in the Benban Solar Park in Aswan. It is also key private sector partner in financing projects under Egypt’s water, food, and energy nexus initiative.