IFC Promotes Opportunities in Mining in the Middle East and North Africa
In the Middle East and North Africa:
Riham Mustafa
Phone: 002- 0102247482
E-mail: rmustafa@ifc.org
In Washington, D.C.:
Hannfried von Hindenburg
Phone: 202-458-5613
E-mail: hvonhindenburg@ifc.org
Dubai, United Arab Emirates, October
17, 2008—IFC, a member of the World Bank Group, is cosponsoring the
first MENA Mining Congress in Dubai to discuss emerging investment, development,
and funding opportunities in the Middle East and North Africa. The event
is being attended by government representatives, mining companies, investors,
and financiers.
Middle East and North African countries
have substantial mineral deposits, but there is limited private investment
potential due to inadequate legal and regulatory structures designed for
the oil and gas industry. Reforms are being pursued currently in these
countries.
Frank Sader, IFC Senior Operations Manager,
said, “An improved policy framework will significantly enhance the attractiveness
of sustainable private mining in these countries, helping create new industries
and employment opportunities.”
Egypt and Yemen in particular are keen
to strengthen their policy frameworks for mining to help increase private
sector investment in the extractive industry. For the past two years, IFC
has actively supported reform initiatives in both countries to create a
comprehensive and competitive national regulatory mining framework consistent
with international best practice and attractive to international investors.
These national frameworks include new national mining policies and codes,
competitive and sustainable fiscal regimes, and streamlined administrative
procedures.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
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