H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt's Governor to the World Bank Group, met with Ms. Valerie Levkov, Global Industry Director for Energy, Mining, and Sustainable Infrastructure at the International Finance Corporation (IFC). The meeting was attended by Cheick Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, and Stephane Guimbert, Country Director for Egypt, Yemen, and Djibouti at the World Bank. The meeting explored mechanisms to strengthen joint cooperation with the IFC in various infrastructure sectors, particularly mining.

At the outset of the meeting, H.E. Dr. Al-Mashat expressed appreciation for the fruitful strategic relations with the IFC, highlighting that the close partnership with the organization had successfully provided financing and investment totaling $9 billion for the private sector. H.E. emphasized that Egypt is one of the leading countries for IFC operations among 100 countries worldwide.

H.E. Minister Al-Mashat explained that the government places significant emphasis on the mining and extraction sectors. Despite facing challenges in the past fiscal year due to economic pressures, the sector is showing signs of improvement with the settlement of foreign partner dues. H.E. underlined the importance of maximizing the potential of the mining sector, especially through private sector involvement, and confirmed that the government welcomes cooperation with international finance institutions that have extensive expertise in these fields.

The Minister also discussed the structural reforms Egypt has implemented across various sectors, with a focus on electricity and renewable energy. H.E. Dr. Al-Mashat noted that the government had introduced several political and regulatory reforms to create a conducive environment for climate finance and to offer incentives for renewable energy investments.

H.E. Dr. Al-Mashat highlighted Egypt's National Climate Change Strategy 2050, which sets a long-term vision for sustainable development while addressing climate change. The strategy aims to enhance resilience to climate risks and natural disasters. She also referred to the National Sustainable Energy Strategy 2035, which seeks to diversify energy sources, with the government aiming to generate 42% of electricity from renewable sources by 2030, including solar, wind, and hydropower energy.

H.E. Minister Al-Mashat emphasized that Egypt's updated Nationally Determined Contributions (NDCs), presented in 2022, reflect the government’s commitment to the Paris Agreement. These goals are supported by specific projects and initiatives, such as expanding renewable energy capacity and improving energy efficiency.

H.E. Dr. Al-Mashat also mentioned the Hub for Advisory, Finance & Investment for Enterprises platform, which provides financial and technical support to the private sector. The platform bridges the information gap, allowing private sector entities to access a full list of advisory services, technical support, and financing options provided by development partners.

For her part, Ms. Levkov emphasized that mining is one of the key sectors that the IFC is keen to collaborate on with the Egyptian government. She noted that the IFC is exploring ways to leverage these natural resources to boost local manufacturing. Ms. Levkov also mentioned that the IFC is examining various sectors such as zinc, phosphate, gold, and fertilizers to identify areas of value within the Egyptian market.

It is noteworthy that the IFC led a consortium of nine global banks in investing in the Benban Solar Park in Aswan. Additionally, the IFC remains a key partner with the private sector in financing energy-related investments as part of Egypt’s Country platform for the Nexus of Water, Food, and Energy (NWFE), and is involved in financing the Abydos Project.