Egypt, UK Announces Joint Economic Partnership

Egypt and the United Kingdom announced on Monday building an economic partnership to implement Egypt Vision 2030 on the sidelines of the UK-Africa Investment Summit.

International Cooperation Minister Dr. Rania Al-Mashat and Secretary of State for International Development of the United Kingdom Alok Sharma have agreed in a joint statement to boost economic cooperation.

The two countries look forward to advancing economic cooperation to implement Egypt Vision 2030 in line with the United Nations Sustainable Development Goals (UNSDGs), the statement read.

According to the agreement, the UK is set to offer £13 million to Egypt to achieve comprehensive economic growth, social development, and youth empowerment by supporting the most needy groups and developing the business environment here.

Moreover, the UK will grant £3 million to support financial inclusion and nearly £8 million to increase jobs for youth by supporting the development of the higher education system and developing capacity building programs.

In this regard, Al-Mashat said: "The UK is a strategic partner to Egypt and I look forward to strengthening the cooperation between our two countries."

"Together, we will work on the full implementation of the programs in our joint statement, which are designed to achieve sustainable economic growth by delivering on Egypt’s 2030 vision consistent with the UN Sustainable Development Goals," the minister pointed out.

Meantime, Sharma stated: "The UK is committed to deepening its bilateral cooperation with Egypt and growing our strong trading relationship."

"Our joint statement paves the way for us to intensify our economic partnership and support Egypt to develop a sustainable economy that can benefit future generations," he added.