CAIRO – Egypt’s Minister of Petroleum and Mineral Resources Tarek el Molla discussed with African Export-Import Bank (Afreximbank) President Benedict Oramah prospects of financing a phosphoric acid project in Abu Tartour Plateau, in the New Valley governorate.
This came during a meeting between the minister and an Afreximbank delegation, led by Oramah, to probe the possibility of the bank’s contribution to the funding of the new phosphoric acid complex project.
The Ministry of Petroleum and Mineral Resources attaches great significance to the value added projects, Molla said in statements, adding that the project’s return will contribute to maximizing the value of Egypt’s phosphate ore.
The implementation of the project falls within the framework of the state’s strategy to utilize natural wealth along with giving impetus to investment in its manufacturing, with a view to producing high-quality and valuable products instead of exporting the raw material, the minister said.
Meanwhile, Afreximbank president underlined the significance of the strategic partnership with the Egyptian side as well the support of the bank to various projects it contributes to their financing in Egypt, in order to ensure the continuity of their implementation.
He voiced hope for furthering cooperation with Egypt’s petroleum sector in its several promising underway projects.
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