Dubai, United Arab Emirates, October 17, 2008—
IFC, a member of the World Bank Group, is cosponsoring the first MENA Mining Congress in Dubai to discuss emerging investment, development, and funding opportunities in the Middle East and North Africa. The event is being attended by government representatives, mining companies, investors, and financiers.
Middle East and North African countries have substantial mineral deposits, but there is limited private investment potential due to inadequate legal and regulatory structures designed for the oil and gas industry. Reforms are being pursued currently in these countries.
Frank Sader, IFC Senior Operations Manager, said, “An improved policy framework will significantly enhance the attractiveness of sustainable private mining in these countries, helping create new industries and employment opportunities.”
Egypt and Yemen in particular are keen to strengthen their policy frameworks for mining to help increase private sector investment in the extractive industry. For the past two years, IFC has actively supported reform initiatives in both countries to create a comprehensive and competitive national regulatory mining framework consistent with international best practice and attractive to international investors. These national frameworks include new national mining policies and codes, competitive and sustainable fiscal regimes, and streamlined administrative procedures.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
