UK offers $150 million as loan guarantee to back Egypt economic reform

British Ambassador John Casson signed Wednesday a joint declaration of intent with Egyptian  International Cooperation and Investment Minister Sahar Nasr.

In a statement on Thursday, the embassy said “The Joint Declaration was agreed during the visit of UK Foreign Secretary Boris Johnson to Cairo last week.

It sets out the UK’s intention to provide US$150 million in the form of a loan guarantee to help Egypt complete its program of economic reforms and to support the Egyptian population through this process.”

The British embassy, according to the statement, will work with the Egyptian ministry on drawing detailed plans to boost the value of UK’s support to Egypt.

“The new loan guarantee forms part of a wider package that also includes US$18 million to fund technical expertise to the Government of Egypt, which contributes to the Takaful and Karama programmes offering cash transfers to 1.7 million low-income households.”

Meanwhile, Casson said “The UK is Egypt’s top economic partner in this vital moment for the economy. We are supporting Egypt’s Government in reforms to bring back growth. We are supporting work to support Egyptians from hardship. And we are supporting new investments and entrepreneurship that will help Egypt go from aid to competitiveness and growth.”

Source: Al-Masry Al-Youm