26 February 2013

Egypt: PM Approves Strategy to Develop Minerals Sector

Prime Minister Hisham Qandil approved a strategy to develop the mineral resources sector, outlined by the Mining Renaissance Association (MRA).

Cabinet Secretary General Mohamed Safwat Abdel-Dayem sent a memo including the opinions of the concerned ministries approving the strategy, said Chairman of the Export Council for Mining Materials and Industries and MRA Hamdi Zaher during a press conference on Monday 25/2/2013.

The memo also included three proposals: The Egyptian Mineral Resources Authority called for speeding up the issuance of a unified law for mining and drawing up a mining map to be available to investors, Zaher said.

The second proposal was made by the Investment Ministry urging the establishment of an independent body for geology to be affiliated directly to the Cabinet to develop mining industries in Egypt.

It also urged enforcing the Defense Ministry's recommendations regarding the construction of industrial cities near marble quarries, he said.

Zaher said the Investment Ministry approved MRA's proposals to offer soft loans to small mining enterprises, he said.

The ministry also welcomed the idea of setting up a local stock market for mining materials, he said, adding that it will study with the Egyptian Financial Supervisory Authority amending the capital market law to enable the establishment of this stock exchange.

Copyright © 2013 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.