UK promoting business trade between Britain and Egypt

CAIRO – 4 July 2018: The Chief Executive of the UK’S export credit agency, UK export finance (UKEF), Louis Taylor, visited Egypt to promote the trading business between UK and Egypt with the help of the UK’’s government backed financing from UKEF.

During his stay in Egypt, he attended the launch of the Tahrir Petrochemicals Company, TPC, which is a $10.8 billion petrochemicals complex; once the complex operates, it will help increase Egypt’s total exports and turn the country into an industrial center.

UKEF is also working with other export agencies, such as commercial banks and Carbon Holdings, the sponsor of the project which will make the final preparations for financing the project. Taylor stated that UKEF will continue to support the project financially.

The launch of the Tahrir Petrochemicals Company was attended by Minister of Petroleum and Mineral Resources Tarek el Molla and British Ambassador to Egypt John Casson.

Taylor will be meeting with Sahar Nasr, minister of investment and international cooperation, in addition to businessmen in Egypt to discuss the chances of UKEF in financially supporting UK-Egypt trade.

The Chief Executive of UKEF said: “Egypt is already an important trading partner for the UK, with trade between the two countries worth £3 billion a year. I am delighted to be here exploring opportunities to further grow our relationship through UK Export Finance’s financial support, contributing to Egypt’s long-term economic development and UK trade.”

British Ambassador to Egypt Casson declared: “The UK is Egypt’s number one partner for jobs and investment – not just in words but in actions.

This exciting new agreement opens a new dimension in this partnership. It shows Britain will invest in exactly the good kind of growth Egypt needs – building industry that creates thousands of jobs and strong growth in exports. It shows the UK Government is ready to put more money than ever before into backing Egypt’s reform plan. It shows UK investments are not just dollars in the bank, it means tangible support to Egyptian start-ups, Egyptian tourism, Egyptian education and Egyptian dreams of finding a job.”