Egypt, UK agree on boosting economic cooperation

CAIRO – 14 April 2019: Investment Minister Sahar Nasr discussed with UK Department for International Development Permanent Secretary Matthew Rycroft boosting economic cooperation as well as the UK investments in Egypt that hit 46 billion dollars, with up to 1,816 British companies operating in the country.

The talks, which were held on the sidelines of World Bank (WB) Spring Meetings, taking place in Washington on April 9-14, were attended by minister Nasr's advisers.

According to a statement issued by her ministry on Sunday, Nasr underscored Egypt's keenness on fostering strategic relations with the UK alongside enhancing economic and investment cooperation in various spheres such as education, health, SMEs and entrepreneurship.

The meeting tackled bolstering cooperation within the UK's Arab Partnership Fund that dedicates some six million pound sterling annually to projects between Egypt and the UK in many domains serving comprehensive economic growth.

Cooperation within the framework of the new partnership initiated by the WB with the UK's Department for International Development towards upgrading the mechanism by which governments can follow up the quality of their education system figured high during the talks as well.

Meanwhile, secretary Rycroft said that this partnership is part of an international effort that targets boosting investment in the human element, with a view to consolidating justice and economic growth.

The UK is keen on backing President Abdel Fattah El Sisi's initiative on investing in human capital, especially in the fields of education and medical care, Rycroft added.

He went on to say that Egypt's current economic status encourages the British business community to pump more investments into the Egyptian market.