Karim Badawy, Egypt’s Minister of Petroleum and Mineral Resources met with a delegation from the U.S. International Development Finance Corporation (DFC) on Sunday.
The meeting, led by Benjamin Thompson, Minister Counselor for Economic Affairs at the U.S. Embassy, aimed to explore promising opportunities for collaboration in Egypt’s energy sector, particularly in renewable energy and petrochemical industries.
During the discussions, Minister Badawy outlined the strategic goals of the Ministry of Petroleum and Mineral Resources to enhance the country’s oil and mining sectors.
He emphasized the importance of capitalizing on the strategic advantages Egypt offers, such as its unique geographic location, advanced infrastructure, and the government’s ongoing efforts to create an investor-friendly environment. The aim is to increase U.S. investments, particularly in the petrochemical and renewable energy sectors.
The Minister also presented Egypt’s sustainable energy strategy, which aims to diversify the country’s energy mix and reduce its reliance on gas for electricity generation. The strategy focuses on expanding the use of renewable sources, including solar and wind energy, and advancing green energy projects like hydrogen and ammonia, which would help meet the country’s growing energy demands while contributing to a more sustainable future.
In turn, the U.S. delegation expressed their admiration for Egypt’s efforts in establishing a strong and attractive investment climate. They reaffirmed the DFC’s commitment to supporting Egypt’s development through funding, insurance, and technical assistance for key projects, thus fostering a robust U.S.-Egypt energy partnership.
The meeting concluded with an agreement to continue evaluating opportunities for collaboration, particularly in the petrochemical sector. It was also decided that joint working sessions will be held to discuss potential projects and explore new avenues for cooperation.
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