British Ambassado to Egypt, John Casson CMG has signed a joint declaration of intent with Egypt’s Minister for Investment and International Cooperation, Her Excellency Dr Sahar Nasr.
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 $150 million in the form of a loan guarantee to help Egypt complete its programme of economic reforms and to support the Egyptian population through this process.
The British Government and Egypt’s Ministry of Investment and International Cooperation will now work together to develop detailed plans to maximise the value of UK support to Egypt. The new loan guarantee forms part of a wider package that also includes $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.
Mr 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.