The Egyptian Mineral Resources Authority (EMRA) signed Tuesday a memorandum of understanding on Tuesday with Elsewedy Capital to jointly explore and develop phosphate reserves in the Sebaea mines in the Nile Valley, as part of efforts to maximise returns from the country's mineral wealth. The deal, signed under the auspices of Minister of Petroleum Karim Badawy and El Sewedy Electric CEO Ahmed El Sewedy, marks a new step in expanding private sector participation in Egypt's growing mining sector, as per a statement by the petroleum ministry. Under the agreement, EMRA and Elsewedy will cooperate on assessing phosphate reserves in Sebaea region, with the possibility of forming joint ventures for exploration, production, and processing. The partnership also includes feasibility studies for a phosphate fertiliser plant aimed at adding value to raw materials. "The mining sector is on the brink of a major leap, supported by clear directives from the political leadership," Minister Badawy said during the signing. "Our goal is to increase the sector's contribution to GDP from under 1 per cent to between 5 and 6 per cent in the coming years." Ahmed El Sewedy said the partnership opens the door to new investments and will help establish value-added industries in phosphate. "We are keen to build transformative industries that unlock the full economic potential of Egypt's mineral resources," he added. The agreement comes as Egypt seeks to attract private investment in strategic sectors, especially mining, to boost exports, create jobs, and support economic diversification. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
