Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Egypt : Expedited Access to Funds worth USD 150 Million in Support of the Economic and Social Reform Program Discussed with DFID Secretary
Publish Date : 17-Oct-2017
On the sidelines of chaining Egypt's delegation at the WB's Annual Meetings currently held in Washington, the Minister of Investment and International Cooperation Dr. Sahar Nasr met with the Permanent Secretary of the UK Department for International Development (DFID) Mr. Nick Dyer, in presence of Egypt's Executive Director at the WB Ambassador Ragi El Etreby, the Minister's Senior Advisor for Economic Affairs Dr. Shehab Marzeban, and the Minister's advisor for Economic Affairs Ms. Nehal Helmy.
The Minister emphasized that the Egyptian government exerted extensive efforts to restructure its economic and social system, noting that the Egyptian economy had great potentials to grow and overcome challenges. The government, added the Minister, looked forward to benefiting from such potentials and to receiving further support from development partners.
Both sides discussed activating the letter of intent signed between the Egyptian and British governments on 8 March 2017. The letter of intent provided for the UKs determination to provide USD 150 million to support the economic and social reform program as well as USD 18 million to support the social safety network. The Minister expressed the Egyptian governments aspirations to further British investment, referring to the availability of promising investment opportunities in national projects such as the New Administrative Capital and the Suez Canal Development Project.
On his part, Mr. Dyer indicated that the UK expanded the scope of its support of Egypt through the Arab Partnership Program and that Egypt obtained GBP 6 million through projects directly managed by the UK Embassy in Cairo and GBP 17 million through regional projects managed by London. Afterwards, the Minister met with CEO of HSBC Global Banking & Markets Mr. Samir Assaf and CEO of HSBC Bank MENA Region Mr. George Elhedery, in presence of Chairman of the Egyptian Financial Supervisory Authority (EFSA) Dr. Mohammed Omran, Chairman of the Egyptian Exchange (EGX) Mr. Mohammed Farid, Dr. Shehab Marzeban, and Ms. Nehal Helmy.
Both sides discussed cooperation in increasing the Banks investments in Egypt during the upcoming period, while the Banks officials indicated that the Bank was considered number one in terms of investments in Egypt and was determined to contribute to supporting development there, particularly in light of the procedures taken by Egypt to improve the investment environment. They also mentioned that Egypt was one of the most important growth markets on the global level and that HSBC had branches in Egypt since over 35 years. They further shed light on the Banks commitment to long-term investment plans for the growth of its businesses in the Egyptian market.
