Economics

Britain to provide Egypt £13 million through World Bank

CAIRO – 16 September 2019: Britain will provide Egypt with a fund of £13 million through the World Bank, Minister for Middle East and North Africa Affairs and Minister for International Development of the United Kingdom Andrew Morrison said on Sept. 16.
"The fund is a four-year extension of the £15 million technical assistance program," Morrison elaborated, explaining that this will enhance economic opportunities and encourage investment in Egypt, aiming to promote inclusive economic growth.
“Egypt is a country of great importance to the United Kingdom, and I am pleased to announce the extension of our excellent program with the World Bank,” Morrison stated.
With the long-term partnership between the two countries, this extension reflects our commitment to supporting Egypt through successful reforms to build a strong economy, he added.
For his part, Britain's Ambassador to Cairo Geoffrey Adams said that cooperation with Egypt was on the rise and that the program would renew Britain's commitment to investing in Egypt's future to support development priorities.
This came during Morrison’s meeting with Minister of Investment Sahar Nasr on Sept. 16 in the presence of British Ambassador to Cairo and supervisor of the European sector in the ministry Reda Baybars.
The Ministry of Investment and International Cooperation announced that British investments in Egypt recorded $47.4 billion through 1816 companies operating in the state.
The ministry clarified that the two sides discussed increasing British investments in Egypt, referring to the Egyptian-British cooperation in financing development projects, especially in the field of human capital development, through launching education programs and health care initiatives. This is in addition to the future cooperation with Britain in the transport, and small and medium enterprises sector.
The meeting touched on Britain's preparations to host the African Investment Conference in January 2020, and to cooperate with Egypt in light of the chairmanship of President Abdel Fatah al-Sisi to the African Union.
Minister Nasr invited the British minister to participate in the 2019 Africa Conference, which is being held under the auspices of President Sisi in the New Administrative Capital on November 22-23, 2019.



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