Egypt targets 6% of GDP through mining development
By the AFREEQUE newsroom, based on Daily News Egypt
Egypt and the World Bank Group are launching a partnership to develop the mining sector, aiming to raise its contribution to GDP to 6%. The charter provides for reforms, improved geological data, and digital systems and mineral-processing centres, according to Egypt’s Ministry of Petroleum and Mineral Resources.
Egypt aims to raise the mining sector’s contribution to gross domestic product to 6% as part of a partnership launched with the World Bank Group, according to Egypt’s Ministry of Petroleum and Mineral Resources. The initiative covers eight countries and includes a national charter to develop mining activity.
The plan provides for legislative and tax reforms undertaken over the past two years, improved geological data to attract investors, and the development of digital systems and mineral-processing centres. The World Bank Group and the European Bank for Reconstruction and Development are also expected to help strengthen governance and skills in the sector.
Minister of Petroleum and Mineral Resources Karim Badawi advocated creating an investment-friendly environment to build a sustainable and competitive mining industry. Namrata Thapar, the World Bank Group’s global director for minerals and mining, praised Egypt’s reforms and vision after attending the Egyptian Mining Forum in Cairo.
Globally, the World Bank Group plans to increase its support for the mining sector fivefold, to 19 billion dollars over the 2026-2030 financial years, through financing and the mobilisation of private investment. Egypt had already announced stronger incentives for mining investment on 22 September.
