World Bank Lauds Egypt's Investment in Technology

Closing session at Egypt's International Cooperation Forum (ICF) (Asharq Al-Awsat)
Closing session at Egypt's International Cooperation Forum (ICF) (Asharq Al-Awsat)
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World Bank Lauds Egypt's Investment in Technology

Closing session at Egypt's International Cooperation Forum (ICF) (Asharq Al-Awsat)
Closing session at Egypt's International Cooperation Forum (ICF) (Asharq Al-Awsat)

Egypt would not have been able to confront the repercussions of the COVID-19 pandemic had it not undertaken many reforms, said a World Bank official.

The Regional Director for Human Development in the Middle East and North Africa, Keiko Miwa, said that Egypt succeeded in overcoming the crisis and transforming challenges into opportunities because of its investment in technology.

Miwa's remarks came during the closing session of Egypt's International Cooperation Forum (ICF) 2021 in its first edition, which focused on Egypt's role in development through the "Decent Life" initiative and other projects.

Speaking at the event, VP for Human Development at the World Bank Mamta Murthi asserted that Egypt had done outstanding work.

Murthi indicated that projects like "Decent Life" confirm that human development is the first investment that encompasses all fields, adding that human investment is an investment in the growth of countries.

According to the official, the recent reforms enabled Egypt to address the repercussions of the pandemic.

She explained that supporting education was essential for students to continue their studies after the pandemic, which is considered the second generation of reforms to enhance human capital.

Meanwhile, Egypt's Minister of Planning and Economic Development, Hala al-Saeed, said that Egypt is looking forward to a comprehensive partnership with the United Nations to support efforts to address climate change and achieve sustainable development.

Saeed met with UN's Special Adviser and Assistant Sec-Gen for Climate Action Selwin Hart in preparation for the 27th session of the Conference of Parties UN Climate Change conference 2022.

The minister explained that Egypt is among the countries most affected by climate change, despite its low greenhouse gas emissions.

She noted that the devastating impact of climate change is everywhere and poses significant risks to livelihoods, public health, supply chains, infrastructure, agriculture, and food security.

Saeed warned that this could put more pressure on the economy.

The minister noted that Cairo has completed the development of its national strategy for climate change based on the Supreme Committee of the National Council for Climate Change. It also established its national hydrogen strategy to encourage the use of blue and green hydrogen as a zero-emissions energy source.



Mali Gold Production Plunges 23% in 2024

Amadou Dabo displays roughly seven grams of gold he bought from small-scale miners for about $30 in Kalana, August 25, 2012. (Reuters)
Amadou Dabo displays roughly seven grams of gold he bought from small-scale miners for about $30 in Kalana, August 25, 2012. (Reuters)
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Mali Gold Production Plunges 23% in 2024

Amadou Dabo displays roughly seven grams of gold he bought from small-scale miners for about $30 in Kalana, August 25, 2012. (Reuters)
Amadou Dabo displays roughly seven grams of gold he bought from small-scale miners for about $30 in Kalana, August 25, 2012. (Reuters)

Mali's industrial gold production plunged 23% to 51 metric tons last year from 66.5 tons in 2023, the West African country's mines ministry said.

Mali is one of Africa's top gold producers and home to industrial mines operated by international companies including Barrick Gold, B2Gold Corp, Resolute Mining and Hummingbird Resources.

A ministry document showed on Friday that the output number excludes Barrick Gold's December production following the company's dispute with Mali's military-led government related to a mining law introduced in 2023.

Barrick suspended operations at its Loulo-Gounkoto operation last month after authorities seized its gold reserves by helicopter. Four of its employees have been detained since November on charges including money laundering and financing of terrorism, which the company denies.

Mali's new mining code, which raises taxes and seeks to hand over big stakes in assets to the state, makes it uneconomic to invest in new mines or buy operations in the country, several mining chief executives told Reuters this week.

Mali's government says mining companies including Barrick have not been paying their fair share of taxes.

According to the ministry document, Mali's gold production fell below 60 tons for the first time in over three years.

It would stand at 52.7 tons if Barrick met its December forecast of 1.7 tons, the ministry's monthly estimates showed.

The ministry did not provide an explanation for the drop in production.

An official from the mines ministry told Reuters the government's conflict with mining companies could be the reason for the lower output. The sector faces a crisis of confidence after authorities demanded foreign companies migrate to the new mining code and arrested employees and executives, the official added.

According to the ministry's data, Barrick Gold remains the country's biggest gold producer, with an output of 19.4 tons in 2024 excluding December production, followed by B2Gold at 13.7 tons and Resolute Mining at 7.2 tons.

With an estimated 6 tons produced in artisanal mines, Mali's total gold production in 2024 is expected to reach 58.7 tons, the mines ministry said.