Egypt to issue improved mining investment law
Egypt is on the verge of issuing a new mining law that includes better incentives for foreign investors in a bid to boost the sector's contribution to the economy by 12 times, the Petroleum and Mineral Resources Minister has revealed.
Karim Badawi told Egypt's parliament on Monday that the mining sector currently contributes just around 0.5 percent to gross national product (GNP) and the target is to expand that share to six percent by the end of Vision 2030.
In his comments, published by Al-Ahram newspaper and other local publications on Tuesday, Badawi disclosed that global consultancy firms have helped Cairo in devising a new mining investment law with the aim of wooing in capital to attain that target.
'We are in the process of issuing the new law, which illustrates efforts to improve the investment atmosphere and create a strong framework that will serve the interests of all parties concerned,' the Minister said.
'The new law will include an integrated strategy for mining surveys, exploration and geological assessments besides the preparation of new mining maps.'
Egypt, locked in IMF-recommended reforms, stepped up its mining investment drive in 2024 with the creation of a landmark mining portal.
The portal includes maps and data for investors seeking to embark on minerals projects in the third largest Arab economy after Saudi Arabia and the UAE.
'This platform is designed facilitate investment opportunities for those interested in setting up minerals project in Egypt…it will also promote the country's mining sector abroad and provide information on mining project bids…technical evaluation of the new portal has been completed and it will be launched soon,' the Petroleum and Mineral Resources Ministry said last year.
It said the platform will cover 27 metals, including gold, zinc and iron, adding that Egypt is rapidly becoming a key metal producer and exporter.
In 2023, metal production stood at around 13 million tonnes and exports exceeded 2.3 million tonnes, it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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