CAIRO – 12 February 2024: Egypt and the United Kingdom signed a memorandum of understanding (MoU) to strengthen cooperation between the two countries in the development of sustainable cities and infrastructure in Egypt.
The MoU establishes a joint working group that will convene twice a year, alternating between London and Cairo, to facilitate collaboration and knowledge exchange.
This working group will bring together representatives from government bodies and industry leaders from both nations, enabling them to share technical expertise, training opportunities, and best practices in the prioritization, financing, and management of infrastructure projects.
Ambassador Gareth Bayley emphasized the already existing robust trading relationship between the UK and Egypt. In the 12 months leading up to September 2023, the total trade in goods and services between the two countries amounted to £4.8 billion. Of this, the UK’s exports to Egypt alone were valued at £2.6 billion.
The UK is one of the largest investors in Egypt, with investments totaling $48 billion across various sectors, including oil and gas, telecommunications, pharmaceuticals, and fast-moving consumer goods. This investment showcases the UK’s commitment to supporting Egypt’s economic development and its role as a strategic partner in the region.