H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, welcomed Ambassador Gareth Bayley, Ambassador of the United Kingdom to the Arab Republic of Egypt, at the Ministry's headquarters in the New Administrative Capital.
The meeting reviewed the latest developments in cooperation between the two countries in the field of sustainable green transformation.
H.E. Dr. Rania Al-Mashat highlighted the close economic ties between the Arab Republic of Egypt and the United Kingdom, both at the governmental level and between the private sector and British financial institutions. These ties contribute to diversifying financing mechanisms and tools available to the private sector. She emphasized Egypt's commitment to moving forward with developing bilateral relations across all fronts.
Development Policy Financing Program
H.E. Al-Mashat commended the UK's role in supporting the implementation of structural reforms through the Development Policy Financing Program, which is being implemented in partnership with the World Bank.
The meeting also touched upon cooperation between the two sides within the framework of the Country Platform for the "NWFE" Program, launched by the Egyptian government as a country platform to drive climate investments in the fields of water, food, energy, and sustainable transport. Additionally, preparations for COP30, the climate conference scheduled to be held in Brazil, were discussed.
Empowering the Private Sector
H.E. Dr. Rania Al-Mashat noted that the UK effectively participated in launching the "HAFIZ" platform, which works to enhance financial and technical support for local and foreign private sectors by providing financial and non-financial services. The platform also offers several initiatives and programs supported by the UK in Egypt, including the Climate Finance Accelerator (CFA) and the A2D program, which supports research and development in clean energy.
H.E. Dr. Al-Mashat affirmed that trade relations between Egypt and the United Kingdom have witnessed significant growth in recent years, reflected in figures and statistics. The volume of trade exchange between the two countries reached approximately £4.7 billion in 2024, demonstrating the strength of the economic relationship. Egypt has become the UK's 48th largest trading partner globally, and the UK holds a leading position among the largest foreign investors in Egypt.
Expanding Funding Programs from British Institutions
The two sides discussed expanding the scope of partnership in implementing development cooperation programs and diversifying innovative funding sources for both the public and private sectors, as well as financing mechanisms for small and medium-sized enterprises (SMEs).
H.E. Dr. Rania Al-Mashat also invited the British Ambassador to participate in the conference organized by the Ministry of Planning, Economic Development and International Cooperation next Sunday on development finance for private sector empowerment.
Egyptian-British relations are diverse across many fields, and numerous British companies invest in Egypt. In 2020, the Ministry of Planning, Economic Development and International Cooperation and the UK Department for International Development issued a joint statement to enhance economic cooperation between the two countries during the UK-Africa Investment Summit.
It is worth noting that British financial institutions, represented by the British International Investment (BII), UK Export Finance, the Egyptian British Business Association, and the Egyptian British Chamber of Commerce, previously participated in the "Enhancing Engagement with the Business Community and Relevant Stakeholders for Innovation and Development" series of meetings organized by the Ministry. These meetings aim to deepen ties and relationships between private sector companies and various financial institutions.
British International Investment (BII) investments in Egypt amount to approximately $850 million across more than 70 companies