Arab Finance: The Mineral Resources and Mining Industries Authority (MRMIA) and the European Bank for Reconstruction and Development (EBRD) inked a memorandum of understanding (MoU) to push the development of Egypt’s mining sector, according to a statement.  

Both sides will join forces to maximize the utilization of mineral resources, increase the sector’s contribution to the gross national product (GNP), and enhance its attractiveness to local and foreign investments.

They will also study incentives and procedures to attract mining companies operating in the exploration and development of early-stage projects, a move expected to boost the economic feasibility of mining projects and expand their potential returns.

For his part, Minister of Petroleum and Mineral Resources Karim Badawi said the partnership will play a vital role in supporting ongoing efforts to develop and advance Egypt’s mining sector.

Mark Davis, EBRD Managing Director for the Southern and Eastern Mediterranean (SEMED) region, praised the ministry’s growth strategy as well as the government’s implemented reforms in the mining sector.

Davis revealed that joint working groups have already started identifying promising pilot projects and exploring the use of new technologies to achieve optimal results. He also reaffirmed the bank’s commitment to providing the necessary support to help the partnership achieve its objectives.