Egypt signs EBRD deal to support mining sector reforms

Egypt signed a memorandum of understanding with the European Bank for Reconstruction and Development (EBRD) on Tuesday to support reforms in the mining sector and attract investment, as Cairo seeks to boost the industry’s contribution to the economy.

The agreement was signed by the Egyptian Mineral Resources and Mining Industries Authority (MRMIA) and the EBRD in the presence of Petroleum and Mineral Resources Minister Karim Badawy.

Under the MoU, the EBRD will cooperate with Egyptian authorities on programmes designed to align mining regulations and governance with international standards, while studying incentives to encourage exploration and early-stage mining projects.

Badawy said the partnership would support efforts to modernise the sector and improve its competitiveness.

Egypt has been seeking to position mining as a key pillar of economic growth as it works to diversify foreign-currency earnings and attract investment into underdeveloped sectors.

Badawy said the agreement comes ahead of the Egypt Mining Forum scheduled for next September, which Cairo hopes will strengthen engagement with investors and mining companies.

He added that Egypt was expanding the use of digital technologies in mining operations while upgrading infrastructure, facilities, and investor incentives.

Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, said reforms introduced by Egypt in the mining sector had encouraged the EBRD to expand cooperation with Cairo.

He added that joint working teams had already begun identifying opportunities for pilot projects and testing modern mining technologies.

Egypt has introduced a series of mining reforms in recent years, including changes to licensing systems, digitalisation measures, and new investment incentives, as it seeks to unlock its untapped mineral resources.

Attribution: Amwal Al Ghad English