Egypt, AFC explore funding boost for oil refining, mining projects

Egypt’s Petroleum and Mineral Resources Minister Karim Badawy met Tuesday with a delegation from the Africa Finance Corporation (AFC) to discuss expanding cooperation and financing for key oil and mining projects, the ministry said in a statement.

The talks focused on attracting new investment into Egypt’s mining sector — particularly from emerging exploration companies — and developing financing mechanisms tailored to the sector’s growth priorities.

The meeting also reviewed potential AFC support for projects that increase domestic production capacity, especially in refining, to reduce imports and narrow the supply gap for petroleum products such as diesel.

Badawy outlined the ministry’s investment priorities in exploration, production, refining, petrochemicals, mining, and green energy, highlighting upcoming initiatives to spur exploration and improve the investment climate in mining. These include Egypt’s first aerial mineral survey in over four decades and new incentive packages for international and startup mining firms.

Egypt’s competitive advantages — including diverse mineral wealth, solid infrastructure, abundant energy resources, and a supportive regulatory framework — make it well-positioned for greater international investment, Badawy said.

Sameh Shenouda, AFC’s Executive Director and Chief Investment Officer, said the corporation is keen to deepen its partnership with Egypt, particularly in mining and petroleum, adding that the country is the second-largest shareholder among AFC member states.

AFC already holds significant investments in mining and infrastructure projects across West Africa.

Both sides also reviewed new refining projects, including the Suez coking and diesel production complex currently under construction. They agreed to hold a follow-up meeting next month to finalise cooperation plans.

Attribution: Amwal Al Ghad English