UK: Egypt to be one of top 15 economies 2050

British Secretary of State for International Trade Liam Fox expected Egypt to be one of the top 15 world economies by 2050.

In statements at the end of his visit to Egypt on Tuesday 28/5/2019, he said “now is a great time to be looking at the business opportunities with Egypt, a country projected to have one of the top 15 economies by 2050. As Egypt commits to carrying out its reform vision, the UK continues to support it in building a resilient, sustainable economy.

Fox has concluded his visit to Egypt, where he announced new partnership agreements in the country’s healthcare, transportation, and financial services sectors; most notably awarding the UK’s Bombardier Transportation a contract to build two Cairo monorails worth 3 billion euros.

According to a statement by the British Embassy in Cairo, Fox also announced the awarding of the UK’s Vodafone with a $100 million contract for a new health insurance IT system in Port Said.

British pharmaceuticals giant GSK has also announced an EGP 100 million upgrade to two major production lines in Cairo, which aims to increase production capacity and provide job opportunities for Egyptians.

During Fox’s visit, the Central Bank of Egypt announced that the UK’s development finance institution CDC Group is the first non-IFI bank to be granted approval to provide ‘Tier 2’ capital to Egyptian Banks.

This decision paves the way for CDC to invest an estimated dlrs 150-200m in Egypt’s banking sector. The CDC will also open an office in Egypt in the coming months, to support its increased engagement in Egypt, the statement read.

British Ambassador to Egypt Sir Geoffrey Adams said that with Egypt’s economic reforms and the UK’s departure from the EU, we have the opportunity to tear down barriers to trade and investment and strengthen our economic ties.

Source: State Information Service Egypt