Egypt, UK sign billions-worth deals at investment summit

A number of new investment deals between Egypt and the UK were announced during the UK-Africa Investment Summit, held in London from 20 to 22 January, according to a statement by the British Embassy in Cairo on Wednesday.

British investment firm Actis and Egypt’s Sovereign Fund signed a memorandum of understanding (MoU) with £3 billion worth of investments in multiple projects in Egypt.

Another MoU was signed between the UK’s Development Finance Institution, CDC, and Commercial International Bank Egypt (CIB) to provide $100 million Tire 2 capital to help increase their support for Egypt’s ongoing economic development.

The British healthcare company GSK inked the third deal to invest some £5 million in Egypt to upgrade two major production lines, GSK-Salam and SmithKline Beecham-Giza.

According to the UK Embassy, the British energy company Globeleq regards Egypt as a priority investment market and is actively pursuing a number of greenfield projects and acquisitions in the power sector, with potential investments worth over $400 million.

The summit concluded with an announcement by the UK retailer MATALAN to open approximately 20 British fashion stores across Egypt in the next five years.

Emma Wade-Smith, the UK Trade Commissioner for Africa, said, “We are delighted to witness all these new deals, which will drive jobs and growth in all parts of the UK and Africa.

“All new investments reflect the prime minister’s commitment to build long-term, sustainable relationships in Africa, ”she added.

Egypt’s President Abdel-Fattah El-Sisi and 15 heads of state participated in the UK-Africa Investment Summit hosted by UK Prime Minister Boris Johnson.

During the three-day summit, El-Sisi met with Johnson and Prince William, the duke of Cambridge, to discuss boosting economic and trade ties and strengthening cooperation.

More than 2,000 attendees participated in the summit, including African leaders, ministerial delegations, UK and African business representatives, international institutions and young entrepreneurs.

source: Reuters