The Egyptian Cabinet announced that the Ministry of Investment and International Cooperation has signed a loan agreement with the United Kingdom with a total value of $150 million.
The agreement aims at raising the cooperation between the two economies, to support the Egyptian government’s economic reform programme, and to participate in carrying out some of its developmental programmes, the Cabinet added in a statement on Wednesday.
On 26 November, the British embassy in Cairo said that Egyptian President Abdel Fattah El-Sisi has communicated with the British secretary of state for foreign affairs, Boris Johnson, regarding a $150 million loan deal.
British investments in Egypt totalled around $30 billion from 2011 until now.
The Egyptian government had previously signed a $12 billion three-year loan agreement with the International Monetary Fund (IMF), of which it has received the first tranche of $2.75 billion.
