The discussions covered the future of economic, trade, and investment relations, underscoring the close partnership between the two nations. They also coordinated efforts in international forums to push for reforms of the global financial system and explored proposals to restructure the United Nations' operational mechanisms. The outcomes of the Fourth International Conference on Financing for Development in Seville were also reviewed.
Both ministers expressed anticipation for the upcoming visit
of the UK Prime Minister to Cairo, announced by his office. They believe this
visit will be a qualitative leap in Egyptian-British relations, elevating them
to a strategic partnership level and opening new avenues for cooperation across
various sectors. This also extends the strategic partnership between Egypt and
the European Union, announced in 2024.
The ministers agreed on the need to activate recommendations
from international forums to restructure the global financial system. This aims
to ensure a more efficient and equitable financial architecture, particularly
for developing countries, while promoting greater transparency in financing
mechanisms and expanding access to concessional financing. They also discussed
proposals for restructuring the UN's operational mechanisms to enhance its
global economic impact, emphasizing the need for comprehensive coordination and
follow-up to ensure sustainability and boost national participation in UN
efforts.
The meeting featured in-depth discussions on various aspects
of the partnership, especially concerning trade exchange, British investments
in Egypt, economic relations, and development cooperation. Al-Mashat affirmed
Egypt's commitment to developing these ties and building on past achievements,
particularly in food security, startup support, and small and medium-sized
enterprises.
Both sides reviewed bilateral cooperation in development
finance, including the UK's contribution to development policy financing via
the World Bank. They also highlighted the role of UK Export Finance (UKEF) in
supporting project financing in Egypt and the financing mechanisms provided by
the British International Investment (BII), for which Egypt is a priority
market.
Al-Mashat also outlined preparations for launching the
"National Narrative for Economic Development," an executive program
aimed at bolstering structural transformation in the Egyptian economy towards
tradable sectors. This initiative seeks to encourage foreign direct investment,
promote industrial development, and support the labor market and employment.
She noted that since March 2024, the government has implemented economic and
structural reforms that have solidified macroeconomic stability and improved
the investment and business climate.
The parties further discussed their close cooperation within
Egypt's national "NWFE" program for green projects, which links
water, food, and energy initiatives. This includes BII's support for the energy
axis and green hydrogen projects. The UK's role in supporting global climate
funds, such as the Climate Investment Funds (CIF) and the Green Climate Fund
(GCF), was also highlighted.
The launch of the "Green Growth: Egypt-Britain"
campaign in June 2025 was also emphasized. This campaign will continue until
COP30, aiming to accelerate partnership in the green economy.
Considering the UK is one of the largest investors in Egypt
in sectors like energy, telecommunications, pharmaceuticals, and consumer goods,
and in light of the 2024 MoU between the Egyptian Investment Authority and UKEF
to strengthen investment relations, the ministers also discussed the crucial
role of the British Egyptian Business Association (BEBA) and the Egyptian
British Chamber of Commerce (EBCC) in connecting companies, facilitating
investment, and boosting trade between the two countries.
The British minister underscored the diverse historical ties between the two nations, which share strong bonds and cooperation across various fields. She praised Egypt's significant efforts in addressing the humanitarian crisis in Gaza and the Egyptian leadership's role in delivering humanitarian aid to the Strip. She affirmed her country's full support for these endeavors and expressed hope for an immediate and sustainable ceasefire to ensure safe and regular aid delivery.