UK announces £24 million to support Egypt development sectors

UK announced on Monday a new financial assistance package totalling £24 million ($30.6 million) to support Egypt’s development sectors.

UK Secretary of State for International Development Alok Sharma and Egyptian Minister of International Cooperation Rania Al-Mashat have agreed in a joint statement to enhance economic cooperation on the sidelines of the UK-Africa Investment Summit taking place in London.

“The UK is committed to deepening its bilateral cooperation with Egypt and growing our strong trading relationship. Our joint statement paves the way for us to intensify our economic partnership and support Egypt to develop a sustainable economy that can benefit future generations.” Sharma said in a statement.

The UK financial assistance includes £13 million for Egypt to promote inclusive economic growth by supporting the business environment and the most marginalised.

UK will also provide £3 million to support financial inclusion and up to £8 million to tackle youth unemployment in Egypt by improving the quality and diversity of higher education in Egypt.