$20 billion.. UK investment in Egypt

Gareth Bailey, the British ambassador to Cairo, said that Egypt has become an attractive destination for British investments, which amounted to about $20 billion.

Promising opportunities

The British ambassador to Cairo, Gareth Bailey, said that the volume of British investments in Egypt has reached about $20 billion, with more than 1,500 companies in various sectors.

On the sidelines of his participation in the conference launching the strategic partnership framework between Egypt and the World Bank from 2022-2027, British Ambassador to Cairo Gareth Bailey said that Egypt has promising opportunities for British companies to pump investments because of its strategic location, the Suez Canal, green hydrogen production, wind energy and solar energy.

Inflation

Regarding the impact of the depreciation of the pound and inflation on British investments, Bailey called for moving forward in implementing the Egyptian economic reform program supported by the International Monetary Fund by setting clear economic policies and laws that provide the investor with profitability for his investments in Egypt without worrying about inflation and the exchange rate.

Economic reform

Egypt is currently implementing an economic reform program supported by the International Monetary Fund, worth $3 billion, to be spent over 46 months, with the aim of boosting foreign exchange inflows and eliminating dollarization.

The International Monetary Fund calls on Egypt to adhere to a flexible exchange rate for the pound against other foreign currencies to help it attract foreign exchange inflows to bridge the funding gap from the dollar.

Bilateral relations

Yesterday, May 7, British Foreign Secretary James Cleverly affirmed that the bilateral relations between Egypt and the United Kingdom extend for many years, and Egypt is an important partner for us, stressing the importance of working during the coming years in order to strengthen bilateral relations to greater levels, as Egypt is an important international actor and a friend of the United Kingdom.

Madbouly talked about the development efforts in Egypt, where the Prime Minister reviewed during the meeting the state's efforts over the past years, including building a civilized public transport system that includes monorail lines, the subway, the light electric train, and others, saying: "We have a network of public roads that has been developed on the highest level, so that it can cope with the large annual increase in population.

In this context, the British Foreign Secretary praised the cooperation with Egypt in many projects, including the monorail project, saying: "This cooperation serves the future relations between our two countries, and brings benefits to the two peoples."

The British Foreign Secretary also praised the distinguished organization of the Climate Conference COP 27, which was hosted by Egypt, and the efforts of the Egyptian presidency of the conference in reconciling the various parties during the negotiations, saying: "You have done a very successful job."

Ceremony of King Charles III

This came during Dr. Mustafa Madbouly, Prime Minister's meeting, on Saturday evening, with the British Foreign Minister, on the sidelines of Madbouly's participation, on behalf of President Abdel Fattah El-Sisi, in the coronation ceremony of King Charles III, in the presence of Ambassador Sherif Kamel, Egypt's ambassador to London.

Evacuating UK nationals from Sudan

The British Foreign Secretary expressed his country's thanks to Egypt for the assistance it provided in evacuating UK nationals from Sudan, praising the excellent working relations with Foreign Minister Sameh Shoukry, and their mutual consultation regarding the Sudanese crisis.

The meeting touched on the situation in Sudan, where the two sides expressed the importance of strengthening international efforts aimed at reaching a quick solution that stops the armed conflict and guarantees the security and safety of the Sudanese people.

The Prime Minister explained the efforts Egypt is making to absorb the brothers coming from Sudan.