UK keens to fund new British projects in Egypt with £500m- Export Finance

UK Export Finance (UKEF) is keen to fund a number of British projects in Egypt notably in new and renewable energy, oil, gas, chemicals, and transport sectors, CEO Louis Taylor announced.

Taylor’s visit to Egypt comes to enhance UK-Egyptian trade deals with up to £500m in financing or insurance, money that could directly help the Egyptian government or businesses gain access to world-class good and services provided by British companies.

Taylor made these remarks during the meeting held by Egyptian Prime Minister Sherif Ismail with him, UK trade envoy to Egypt, Jeffrey Donaldson, and British Ambassador to Cairo John Casson.

The meeting was attended by Egyptian ministers of petroleum, trade and industry, and investment.

He added that Egypt’s first monorail project is one of the projects that UK plans to invest in since it is environment-friendly and depends on advanced technologies.

Taylor noted that UKEF could help Egyptian buyers access UK goods and services through its innovative, flexible and competitive financing terms.

The monorail project will link Cairo and Giza with 6th of October and Sheikh Zayed cities over approximately 52 kilometer (32 mile).

Egypt’s Premier Ismail emphasised on the importance of cooperating with UK in many sectors notably new and renewable energy, oil, gas, education and transportation.

Ismail praised British collaboration with Egypt in examining security procedures at Egyptian airports in addition to making use of international expertise in that field.

He further asserted that the Egyptian government exerts efforts to attract more global firms to invest in Egypt besides removing any obstacles that could face them.

On other side, UK trade envoy Donaldson stated that leaving European Union would not harm British foreign trade relations with other states.

He added that UK is keen to support Egypt politically and economically due to its important strategic place regionally and globally.

The official said the visit comes to enhance foreign trade relation of UK with Egypt, clarifying that ” British companies wishing to do business in Egypt and their interest highlights the significant opportunities that are available across a range of Egyptian commercial sectors.”

Meanwhile, Ambassador Casson stated that UK is ” committed to helping Egypt build a strong, dynamic economy that provides jobs and opportunities for all Egyptians.”

” Worth over £1.5bn per year, trade is one of the firm pillars of the UK-Egyptian relationship,” Casson pointed out.