Egypt, UK deepen economic, development ties ahead of Madbouly's visit to London

Daily News Egypt

5 days ago

Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, held talks with UK Minister of State for International Development, Baroness Jenny Chapman, on the sidelines of the G20 Development Ministers' Meeting in South Africa. The meeting focused on advancing bilateral cooperation in trade, investment, and global development reform ahead of the upcoming visit by Egyptian Prime Minister Mostafa Madbouly to the UK.
Both officials underscored the strategic significance of the visit, describing it as a pivotal step toward transforming Egyptian-British relations into a deeper partnership. The visit also aligns with Egypt's broader push to strengthen ties with the European Union.
Discussions centered on reforming global financial systems to make them more inclusive and accessible for developing countries. The ministers stressed the urgency of implementing international recommendations for greater transparency in financing and called for reforms to the UN's development frameworks to ensure stronger national ownership and coordination.
Al-Mashat highlighted Egypt's expanding collaboration with the UK in key areas such as food security, entrepreneurship, and SME development. She noted that the UK remains one of Egypt's top foreign investors, with significant engagement in energy, telecommunications, pharmaceuticals, and consumer goods.
The meeting also reviewed the role of key British financial institutions—including the World Bank, UK Export Finance (UKEF), and British International Investment (BII)—in supporting Egypt's development priorities. BII, which considers Egypt a key market, is actively investing in areas like renewable energy and infrastructure. The ministers acknowledged the contribution of the British-Egyptian Business Association (BEBA) and the Egyptian-British Chamber of Commerce (EBCC) in fostering stronger commercial links.
Al-Mashat outlined the forthcoming launch of Egypt's 'National Narrative for Economic Development,' a strategic initiative aimed at accelerating structural reforms, boosting industrial output, and attracting foreign direct investment. She emphasized that economic measures introduced since March 2024 have stabilized the macroeconomic environment and improved investor confidence.
Climate cooperation was also a major theme, with discussions on Egypt's NWFE (Nexus of Water, Food, and Energy) platform and BII's role in financing green hydrogen and clean energy projects. The UK's support for global climate funds—including the Climate Investment Funds (CIF) and the Green Climate Fund (GCF)—was noted, along with the joint 'Green Growth: Egypt–UK' initiative, which continues through COP30.
Baroness Chapman reaffirmed the UK's commitment to its partnership with Egypt, praising Cairo's historical and humanitarian leadership—particularly its role in supporting Gaza. She also reiterated the UK's call for a sustainable ceasefire to ensure unimpeded humanitarian aid.
The meeting concluded with a shared commitment to deepening economic and development cooperation and advocating for global financial reforms that empower developing countries.