Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, announced that the petroleum sector is working on preparing new investment opportunities and that the discussions being held on these opportunities contribute to increasing their attractiveness, and that the partners of the petroleum sector stressed their full support for the sustainability and continuation of their work in Egypt, pointing to the importance of cooperation with international financing bodies, including the World Bank, which is a strategic partner for the petroleum sector and provides financing for a number of important projects related to increasing production efficiency, rationalizing expenses, energy efficiency, environmental conservation and the mining sector development system.
This came during the minister’s meeting with the delegation of the World Bank for the Middle East and North Africa, which included Hossam baidis, energy manager, Yousra Asaker, chief energy specialist, Avoda Leon Biao, infrastructure manager and their facilities, in the presence of engineer yes Mohamed, president of the Egyptian Natural Gas Holding Company “Egas” and accounting Amal Tantawi, executive vice president of the Egyptian General Petroleum Authority for financial and Economic Affairs.
Badawi explained that the petroleum sector has ambitious plans that are being worked on, and then the coming period requires a proposal that carries further development of aspects of cooperation between the sector and the bank, and that the most important projects that we will work on will be identified and a map of priority projects will be prepared by size, impact, financing and implementation plans, and then accelerate their implementation, pointing to the importance of what has been submitted and what is being worked on, which are success stories that we are proud to present at the summits of the parties to the United Nations Framework Convention on climate change, and pointed out that the preparation of the project plan to be submitted in cooperation with the bank international summit “COP 29” to be held at Baku Stadium The capital of Azerbaijan from 11 to 22 November 2024 .
The meeting witnessed the presentation of the delegation on the cooperation of the World Bank with the Ministry of Petroleum and mineral resources in a number of projects, especially participation in financing the side of the natural gas delivery project for homes over 10 years with a contribution of about 300 million dollars, which resulted in the bank’s contribution to the delivery of gas to about 5.1 million housing units in 11 governorates in Egypt, which is being increased to 3.2 million households in 20 governorates, he also explained that the bank is working with the ministry on important projects for the environment and the economy, such as the delegation expressed support for development, restructuring, reform, development of the mining sector and other projects He looks forward to further cooperation with the ministry in new projects .
The minister praised these efforts, stressing that attention to these projects and the goals they carry with social justice, Control and development of the labor and production system are of interest to the National Energy Strategy, which works to increase the contribution of new and renewable energies to reach 42% of the electricity produced by 2035, and stressed that the next stage requires the provision of more support and digital solutions and giving utmost importance to energy efficiency projects and rooting them as a culture in dealing.
