On 30 June, Louis Taylor the Chief Executive of the UK’s export credit agency, UK Export Finance (UKEF), has visited Egypt to promote closer trade ties between the 2 countries with the offer of UK government-backed financing from UKEF.
While in Cairo, he attended the launch of the Tahrir Petrochemicals Company (TPC), a US$10.8 billion petrochemicals complex that, once operational, will help double Egypt’s total exports and turn Egypt into an industrial hub.
UKEF is working with other export credit agencies, commercial banks and Carbon Holdings, the project sponsor, to make final arrangements for financing the project, supporting UK exports to TPC as it is developed. At the launch, Taylor affirmed UKEF’s continuing support for the project in a step forwards in agreeing financing.
The signing was also attended by Minister of Petroleum and Mineral Resources Tarek El Molla and Her Majesty’s Ambassador to Egypt John Casson.
Louis Taylor also met with Minister of Petroleum and Mineral Resources Tarek El Molla, Minister of Transport Hesham Arafat and Minister of Finance Mohamed Maait. Taylor will also meet with Minister of Investment and International Cooperation Dr Sahar Nasr, as well as key businessmen in Egypt to discuss opportunities for UKEF to support financing to boost UK-Egypt trade.
Chief Executive of UKEF Louis Taylor said:
Egypt is already an important trading partner for the UK, with trade between the 2 countries worth £3 billion a year. I am delighted to be here exploring opportunities to further grow our relationship through UK Export Finance’s financial support, contributing to Egypt’s long-term economic development and UK trade.
British Ambassador to Egypt John Casson says:
The UK is Egypt’s number one partner for jobs and investment – not just in words but in actions. This exciting new agreement opens a new dimension in this partnership.
It shows Britain will invest in exactly the good kind of growth Egypt needs – building industry that creates thousands of jobs and strong growth in exports. It shows the UK government is ready to put more money than ever before into backing Egypt’s reform plan. It shows UK investments is not just dollars in the bank, it means tangible support to Egyptian start-ups, Egyptian tourism, Egyptian Education and Egyptian dreams of finding a job.