LOC23:58
20:58 GMT
LONDON, Jan 21 (KUNA) -- The UK is one of the largest countries in terms of the volume of direct investment in Egypt, reaching USD 48 billion, UK International Development Secretary Alok Sharma said on Monday
Sharma made the press statement following signing, along her Egyptian counterpart Rania Al-Mashat, a joint statement on promoting investment and economic cooperation covering many fields mainly oil, gas, medicine and goods.
"The UK is committed to deepening its bilateral cooperation with Egypt and growing our strong trading relationship," Sharma said.
"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," she added.
The UK offered more than 50 million sterling (USD 65 million) during 2016-2020 to support comprehensive and sustainable development in Egypt, she noted
The British aid to Egypt aims to achieve comprehensive economic growth, regional cooperation and social development, and empower youth, she stated
She pointed out the UK Export Finance announced this year that the credit limit to Egypt increased to 1.25 billion sterling (USD 1.6 billion).
Meanwhile, 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," she made clear.
The joint statement signed between the two sides stipulates that the UK supports financing training programs of medical specializations and the comprehensive health insurance in Egypt.
It pointed to the UK's commitment to offering 13 million sterling (USD 16 million) with the aim of achieving comprehensive economic growth and social development as well as empower youth.
The UK is committed to presenting a grant estimated at eight million pound (USD 10 million) to create jobs for youth through backing higher education
The statement stressed the UK's backing to Egypt to develop regional linking with the African countries aiming to bolster Egypt's status as a regional center for international trade and energy. (end)
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