British Secretary of State for the Middle East and North Africa Andrew Morrison said the UK will provide Egypt with GBP 13 mn (EGP 264.04 mn) through the World Bank (WB) to support local investments, Invest-Gate reports.
The amount will “bolster economic opportunities and encourage investment in the country,” Morrison noted during a meeting with Minister of Investment and International Cooperation Sahar Nasr on September 16, according to a ministerial statement.
The British secretary added that this comes as part of a four-year extension of a technical support program worth GBP 15 mn (EGP 304.66 mn) to forge the country’s inclusive economic growth.
On her part, Nasr highlighted that the UK is the biggest investor in the domestic market with USD 47.4 bn (USD 773.18 bn) through 1,816 British companies operating in Egypt.
The Egyptian minister invited Morison to attend the fourth edition of Africa 2019: Investment for Africa Forum, which will be held from November 22 to 23 in the New Administrative Capital (NAC), east Cairo.
Both sides discussed the possibility of increasing British investments in Egypt, as well as fund development projects. They also tackled future cooperation in the transport sector as well as small- and medium-sized enterprises (SMEs).