Egypt seeks AFC financing for energy, mining projects
Egypt is seeking financing from the Africa Finance Corporation (AFC) for oil, refining, petrochemical, and mining projects as it seeks to expand domestic production and develop higher-value industries, Petroleum Minister Karim Badawi said on Saturday.
Badawi discussed potential financing and project partnerships with Sameh Shenouda, AFC’s executive director and chief investment officer, and an accompanying delegation, covering oil and gas exploration and production, refinery upgrades, petrochemicals, mineral processing, and energy efficiency, the petroleum ministry said in a statement.
The discussions also covered Egypt’s plans to expand domestic phosphate processing, with the government prioritising higher-value products over new contracts to export phosphate in its raw form, while honouring existing agreements.
Badawi said Egypt was seeking to broaden partnerships with international financing and investment institutions to accelerate project implementation, increase domestic output and maximise the economic value of its natural resources.
In the oil and gas sector, the two sides explored potential AFC financing for exploration and production companies, as well as refinery upgrades and new refining projects aimed at expanding production capacity and increasing the value added to petroleum products.
They also discussed petrochemical projects at various stages of planning, feasibility studies, financing, and implementation, particularly those targeting higher-value products.
Mining was another key focus, with Badawi outlining reforms to attract long-term investment and link mineral extraction to downstream manufacturing.
He highlighted Egypt’s adoption of an open-blocks system, which allows mining companies and investors to access concession areas and undertake exploration activities under the sector’s evolving investment framework.
Egypt is also seeking investment in phosphate-based industries, including phosphoric acid and phosphate fertilisers, to increase local processing rather than export raw materials. The ministry said the opportunities could allow AFC to finance different stages of the phosphate value chain, from raw-material processing to finished products.
Shenouda expressed AFC’s interest in supporting projects that transform Africa’s mineral resources into higher-value industrial products within the continent, promoting local manufacturing, economic development, and job creation.
The corporation also discussed potential financing for mining startups, particularly companies that have recently secured concessions and require funding for exploration activities.
The two sides explored cooperation on technical, managerial, and legal training programmes for mining-sector employees, potentially drawing on initiatives developed by AFC in partnership with Australia’s Murdoch University.
Energy efficiency was also discussed, with both sides examining opportunities to introduce technologies that reduce energy consumption and operating costs at petroleum and industrial facilities, improve production efficiency, and enhance environmental sustainability.
Badawi invited AFC to participate in the next Egypt Mining Forum and EGYPES 2027, which is scheduled for March, to explore investment opportunities and engage with Egyptian companies and investors.