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.

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