Egypt pitches ‘Golden Triangle’ mineral hub to lure new investors

In a bid to attract fresh capital to Egypt’s underdeveloped southeastern desert, the government is preparing a list of investment opportunities in its “Golden Triangle” economic zone.

Prime Minister Mostafa Madbouly directed his cabinet ministers this week to  “identify, develop, and promote” promising ventures across the resource-rich area focused on minerals, petroleum and natural gas for potential investors, Arabian Gulf Business Insight reports.

The triangle, which spans thousands of square kilometers, contains an estimated 2,000 tons of gold as well as large reserves of phosphates, limestone and glass sand.

As Egypt’s economy rebounds under an $8 billion IMF bailout program, the government is carrying out IMF-mandated reforms to lure foreign direct investment and tackle persistent fiscal deficits.