Cairo, 24 January 2006
— The Ministry of Petroleum and the International Finance Corporation, the private sector arm of the World Bank Group, today signed an agreement for a technical assistance project to strengthen Egypt’s framework for private sector mining investments.
Managed by IFC’s technical assistance facility in the Middle East and North Africa, PEP-MENA, the joint project will undertake a review and reform Egypt’s mining laws, regulations, and taxation. Egypt’s government wants to liberalize the country’s mining industry to attract more domestic and foreign investment. The existing policy framework requires further improvements for Egypt to be able to compete internationally. IFC brings international expertise, drawing lessons from other countries to provide best practices to better serve the needs of private investors.
Gulrez Hoda, IFC’s Senior Regional Manager, said, “Egypt’s mining sector has outstanding potential. An improved policy framework, which clearly defines procedures for private investors, will help attract new investments and improve the country’s economy.”
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit www.ifc.org.
About PEP-MENA
IFC’s PEP-MENA is a multidonor facility for technical assistance that supports private sector development across the Middle East and North Africa region. PEP-MENA focuses on improving the business-enabling environment, strengthening financial markets, supporting small business development, and promoting privatizations and public-private partnerships. From its inception through FY06, PEP-MENA has committed more than $20 million in technical assistance and advisory services projects. Its activities are funded jointly by IFC and the following donors: Canada, France, the Islamic Development Bank, Japan, Kuwait, the Netherlands, the United Kingdom, and the United States.
