Egypt discusses $150M agreement with UK for economic reform

CAIRO – 15 October 2017: Egypt is looking forward to activating an agreement worth $150 million with the UK Department for International Development to support the government’s economic reform program, Minister of Investment Sahar Nasr said Sunday.

On the sidelines of the meeting between the World Bank Group and the International Monetary Fund (IMF) in Washington D.C., Nasr met the secretary-general of the department, Nick Dyer; where she discussed efforts made by the government to overcome economic challenges.

The agreement with the department is accompanied by an $18 million deal to support social safety networks.

“Egypt wants to see a boost in the volume of British investments, especially with the presence of huge national projects such as the New Administrative Capital and the Suez Canal Economic Zone (SCZone),” Nasr said in the statement.

Dyer said that the UK has expanded its support to Egypt through the Arab partnership programs, “where Egypt has obtained £6 million in terms of projects managed by the British Embassy in Cairo, in addition to £17 million in projects managed by London,” he said.

The UK companies have invested $43 billion in Egypt over the past 10 years, UK Ambassador to Egypt John Casson said in press statements in September; adding that British Petroleum (BP) will pump $13 billion in investment over the next five years.