UK signs export finance deal with Egyptian construction titan in boost to post-Brexit trade with Africa
UK Export Finance has agreed a post-Brexit deal with one of Egypt’s biggest construction and engineering firms, Hassan Allam Holding, to increase cooperation across Africa.
Hassan Allam is one of the largest firms in the country, spanning areas including investment and development companies in Egypt.
It has a vast a portfolio of projects ranging from solar power and water to petrochemicals facilities, museums, airports, and thousands of kilometres of roads and bridges.
UKEF has up to £2bn available to support projects in Egypt, as Britain looks to spread its wings after leaving the European Union and trade globally.
Tim Reid, chief executive of UKEF said it “has supported projects in Egypt and across Africa that have transformed local infrastructure and supported livelihoods. We want to build upon these achievements, and this partnership will help us to identify future opportunities in the region where UK exporters can bring substantial benefits.”
The chief executive of Hassan Allam Holding said the agreement will “foster a number of significant projects, promoting cooperation on financing projects and encouraging trade between the UK and the continent.”
“Such strategic partnerships highlight our commitment to delivering mega projects across Africa,” Hassan Allam continued.
UK Export Finance is the UK’s export credit agency, established to support UK exports and the buyers of goods and services from the UK.
It has contributed significantly to Egypt in recent years, including a £1.7bn guarantee to support the construction of the Cairo Monorail, one of its largest amounts of financial provided for an overseas infrastructure project.
The agreement comes a few months after UKEF set aside £4bn for loans to Morocco.