Arab Finance: Egypt discussed cooperation with the Africa Finance Corporation (AFC) in financing new projects across Egypt’s oil, gas, refining, petrochemicals, and mining sectors.

This came during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and Sameh Shenouda, Executive Director and Chief Investment Officer at the AFC.

The meeting also addressed potential collaboration in human capacity development and improving energy efficiency.

Badawi stressed the importance of expanding partnerships with international financing and investment institutions while leveraging their technical expertise and financial capabilities to drive the development of Egypt’s petroleum and mining sectors.

Both sides reviewed plans to upgrade existing refineries and explore financing opportunities for new refining projects to boost production capacity and increase the added value of petroleum products.

In the petrochemicals sector, the minister reviewed planned projects targeting the production of high-value-added products. These initiatives are at different stages of development, ranging from initial planning and feasibility studies to financing and execution.

As for the mining sector, he outlined the sector’s latest developments, driven by reforms and measures designed to attract long-term investment, maximize the utilization of mineral wealth, and link raw material extraction activities with downstream manufacturing industries.

He mentioned the Open Blocks system launch, which creates new opportunities for mining companies and investors to access concession areas and commence research and exploration activities.

For his part, Shenouda reaffirmed the AFC’s interest in supporting projects that transform Africa’s mineral resources into higher-value industrial products within the continent, helping strengthen local manufacturing, drive economic development, and create employment opportunities.