UK announces new economic loans for Egypt

CAIRO – 26 February 2017: U.K. Foreign Secretary Boris Johnson announced three new packages of U.K. support to Egypt, addressing the economy, education and entrepreneurship, during his first visit to Egypt on Saturday.

According to a press release, Johnson and Egyptian President Abdel Fatah al-Sisi discussed economic loans, joint work on aviation security, the campaign against terrorism, education funds and regional conflicts.

“The U.K. and Egypt have many shared interests, we are Egypt’s top economic partner and strong allies against terrorism and extremist ideas,” the foreign secretary said. “I look forward to continuing to strengthen the close relationship between our two countries.”

The foreign secretary and Sisi finalized an agreement on a $150 million USD loan guarantee to Egypt, as part of a wider package, including $18 million to fund technical expertise, the press release stated.

Secretary of State for International Development Priti Patel said, “The U.K.'s backing for this loan will support stability, peace and prosperity across Egypt, which is in our national interest.”

Johnson also made a pledge to sign 70 new university partnerships between the two countries and announced £1.1 million GBP of funding for 3 years for new and existing social start-ups.

In a visit to the British Council, Johnson announced raising the joint U.K.-Egypt Newton-Mosharafa fund that supports scientific research and innovation to £50 million, and increasing the number of English teachers trained by the British Council in Egypt by 37,000.

The foreign secretary also met with representatives of human rights groups and he presented “his vision of human rights and a free society as the basis for stability and economic growth,” according to the press release.