UK to provide £25 mln to boost Egypt's economic development
Doaa A.Moneim, , Tuesday 21 Jan 2020
The UK will provide technical support for Egypt to build the required capabilities to boost structural reforms that involve the private sector

Egypt's Minister of International Cooperation Rania El-Mashat and British Secretary of State for International Development Alok Sharm have issued a joint statement on boosting cooperation between Egypt and the UK, on the side lines of the UK-Africa Investment summit that held on Monday.

The statement touched upon enhancing bilateral and multilateral partnerships with development partners, governments, international economic policies makers, the private sector, and civil society to achieve Egypt's national development agenda 2030, in line with the United Nations’ sustainable development objectives.

It also asserted that the UK will provide technical support for Egypt to build the required capabilities to boost structural reforms that involve the private sector to achieve inclusive economic growth.

Supporting education, healthcare, trade, and investment, the UK will provide £13 million to Egypt for social development and empowering young people, as well as provide grants worth £3 million to support financial inclusion and about £8 million for increasing job opportunities for young people.

The statement also said that Egypt and the UK will work together on preparing technical studies and feasibility studies to implement a number of sustainable infrastructure projects with the participation of the private sector.

The UK will also support Egypt's efforts regarding regional linkage upgrades with African countries which should enhance Egypt position as a regional centre for global trade and energy, and to back trilateral cooperation between Egypt, the UK, and African countries.

The two sides also agreed on boosting cooperation in environmental and sustainable development.

The statement also said that Egypt is considering listing green bonds in London bourse in 2020, while the UK will support Egypt's high-level conference for upgrading education systems in the MENA region and Africa, which is scheduled to be held in Cairo in February.

Egypt and the UK welcomed the current discussions that cover signing a strategic partnership agreement in the trade sector as a cornerstone for boosting future commercial ties between the two countries, with the two sides' commitment to working together to face likely challenges and open up new markets and increase investments in the healthcare and education sectors.

The UK is the biggest foreign investor in the Egyptian market, with British companies investing $48 billion in all Egyptian economic sectors, especially in petroleum, natural gas, communications, pharmaceuticals, and consumer goods.