Egypt’s Sisi directs government to develop mining sector

 

CAIRO - 23 August 2021: President Abdel Fattah El-Sisi directed on Monday the government to develop the mining sector in a way that integrates Egypt’s strategic vision of development, said Presidential spokesman Bassam Radi in a statement.

 

During a meeting with the concerned ministers, President highlighted the importance of good governance financially and administratively to enhance the mining sector by entering into contracts with foreign companies to get the benefits of Egypt’s natural wealth, Radi said.

 

The meeting was attended by Prime Minister Mostafa Madbouly, Central Bank Governor Tarek Amer, Minister of Petroleum and Mineral Resources Tarek El Molla, Minister of Supply and Internal Trade Mohamed Maait, Advisor to the President of the Republic for Financial Affairs Major General Mohamed Amin,  and Director of the National Service Projects Authority Major General Walid Abu Al-Majd.

 

“The meeting aimed at following up on the executive situation of the state's plans and efforts to develop the mineral wealth sector,” he said.

 

In February 2021, Minister of Petroleum and Mineral ResourcesTarek El Molla announced that the ministry aims to raise the contribution of the mining sector to the gross domestic product (GDP) to 5 percent over the next five years.

 

Late July, 2021, Egypt signed 4 contracts to search for gold between the Mineral Resources Authority and the Canadian Barrick Gold Corporation, which is the largest of its kind in the world in the production of gold and is ranked second in the world in the activity of searching for gold.