Britain's export credit agency pledges GBP 500 mln to support UK-Egypt trade deals

Sunday 17-07-2016 05:23 PM

British Flag, Reuters

CAIRO, June 5 (Aswat Masriya) - UK Export Finance confirmed its commitment to support UK-Egyptian trade deals with up to £500 million, a statement by the British embassy in Cairo said on Sunday.

UK Export Finance is the government's export credit agency. It supports the UK’s export economy by providing finance and insurance to British companies who want to do business overseas.

The announcement comes amid UK trade envoy to Egypt Sir Jeffrey Donaldson and chief executive of UK Export Finance Louis Taylor visit to Cairo. The British officials arrived in Egypt on Sunday in a visit that aims to and strengthen the British-Egyptian bilateral trade relationship, according to a statement published on the embassy's website.

"The past few months have seen many enquiries from 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," said Donaldson.

Taylor said that as the UK is a global leader in many of the sectors for which Egypt has greatest demand, including transport and infrastructure, it can "help Egyptian buyers access UK goods and services through its innovative, flexible and competitive financing terms."

The visit is scheduled to include meetings with Egyptian business leaders, as well as high-level Egyptian officials including Prime Minister Sherif Ismael, Minister of Trade & Industry Tarek Kabil, Minister of Military Production General Mohamed El Assar, and Minister of Investment Dalia Khorshid.

British Ambassador to Cairo John Casson reiterated his country's commitment to helping Egypt build a strong, dynamic economy that provides jobs and opportunities for Egyptians.

"We are proud to be Egypt’s biggest investor and of our trade worth over £1.5bn per year. But we are hungry for more and to seize the opportunities that Brexit will give us to forge new opportunities," Casson said.


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