Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, met on Saturday with Sameh Shenouda, Executive Director and Head of Investment at the Africa Finance Corporation (AFC), and his delegation to discuss co-operation on financing and implementing new projects across the oil, gas, petrochemicals and mining sectors.
The discussions also covered human capital development and initiatives to improve energy efficiency.
Badawi stressed the importance of expanding partnerships with international financial and investment institutions to support the development of Egypt’s petroleum and mining industries, increase domestic production and maximise the economic value of the country’s natural resources.
The meeting reviewed opportunities for AFC financing of exploration and production companies, as well as projects aimed at upgrading existing refineries and establishing new refining and petrochemical facilities.
Mining was a key focus of the talks, with Badawi outlining reforms designed to attract long-term investment and strengthen links between mineral extraction and downstream industries.
He also highlighted Egypt’s open-blocks system, which provides mining companies and investors with new opportunities for exploration and development.
The minister reaffirmed Egypt’s strategy of prioritising the local processing of its substantial phosphate reserves into higher-value products, rather than signing new contracts for raw phosphate exports, while continuing to honour existing agreements.
Proposed projects include the production of phosphoric acid and a range of phosphate fertilisers.
Shenouda expressed AFC’s interest in supporting projects that transform Africa’s mineral resources into value-added industrial products within the continent, helping to create jobs and drive economic growth.
Badawi also invited AFC to participate in the next Egypt Mining Forum and the Egypt International Energy Conference and Exhibition (EGYPES 2027), scheduled to take place in March.
