UK to give Egypt GBP 13 mn to promote investment

The UK will give Egypt GBP 13 mn through the World Bank to promote investment in the country, said British MENA Secretary of State Andrew Morrison, according to an Investment Ministry statement. The amount is part of a four-year, GBP 15 mn-worth technical support program to push Egypt’s economic growth. In a meeting on Monday, Investment Minister Sahar Nasr invited Morison to attend the African forum that Egypt is set to host in the New Administrative Capital on 22-23 November. The two sides discussed increasing British investment in Egypt, which now stands at USD 47.4 bn by 1,816 companies, as well as the possibility to fund development projects. They also discussed future cooperation in the transport sector as well as with SMEs.