Tarek El-Molla, Egypt's Minister of Petroleum and Mineral Resources speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015.
TORONTO - 9 March 2021: Petroleum Minister Tarek el Molla said Tuesday that a government reform program is credited for the economic stability achieved in Egypt over the past six years.
The government is working to turn Egypt into an international mining hub, Molla told an annual conference of the Prospectors and Developers Association of Canada (PDAC) via video conference.
Indeed, the adopted reforms have contributed to upward investment indicators and increased production competitiveness, the minister acknowledged.
He also proudly talked about efforts to control expanding unemployment rates and overcome the coronavirus crisis.
International credit ratings of Egypt tell of a successful economic rebound, that is, according to Molla, also an outcome of hundreds of huge national projects and an accelerated production process.
This, he noted, reflects the long-term vision of President Abdel Fattah El Sisi.
President Sisi has directed action to upgrade the mining sector so that it could better contribute to social and economic development plans in the country, Molla told PDAC.
Egypt, he said, is rich in geological potentials and opportunities that, if grabbed, are protected by a “transparent and flexible” mineral wealth law enacted in 2020.
The statue also guarantees legal rights and includes terms meant to encourage mining investments in Egypt after mending previous problems businessmen faced, Molla assured.
Explorers, for example, will no longer have to wait for a parliamentary approval on each single exploration contract, the minister cited.
The mining sector in Egypt did face unprecedented circumstances in 2020, but foreign companies still offered bids on projects in the country, the minister told PDAC.
Eleven national and international firms won exploration rights in 82 gold concession areas over 14,000 kilometers in the eastern desert, Molla said.
The government is seeking to turn Egypt into an international mining hub, he concluded.