He highlighted initiatives to attract emerging mining
companies through a comprehensive investment incentive package. The minister
also pointed to recent developments in the mining sector, which have
successfully encouraged major international firms to invest in Egypt.
Badawi made these remarks during his meeting with Almud
Veitz, World Bank Regional Director for Infrastructure in the Middle East,
North Africa, Afghanistan, and Pakistan, on her first visit to Egypt,
accompanied by a senior delegation.
The discussions focused on strengthening cooperation with
the World Bank across the petroleum and mining sectors. The talks came amid the
Bank’s growing interest in supporting and financing strategic energy and mining
projects in Egypt and the region.
The minister welcomed the World Bank’s readiness to fund and
support efforts to develop the energy and mining industries. He emphasized
Egypt’s eagerness to collaborate with the Bank on various initiatives,
particularly the incentive program for emerging mining companies, the natural
gas household connection project, energy efficiency programs, and other
strategic projects.
Veitz expressed the Bank’s interest in contributing to
Egypt’s energy strategy to design the optimal energy mix. She also reaffirmed
the Bank’s commitment to collaborating with the petroleum sector on household
natural gas connections, emission reduction, energy efficiency, and mining
sector development. She added that the Bank is assembling an international team
to assess the feasibility of supporting and financing mining projects in
multiple countries, including Egypt.
The meeting was attended by Engineer Wael Lotfy,
Undersecretary for Projects; Dr. Mohamed Assi, Undersecretary for Financial and
Commercial Affairs; Husam Beides, World Bank Energy Director for the Middle
East, North Africa, Afghanistan, and Pakistan; and Engineer Yosra Asaker,
Senior Energy Specialist for the same region.