Egypt Seeks Britain's Support to Have its EU Debts and Interests Written off

Radwan Invites British Companies to Expand Their Investments in the Egyptian market and Use Egyptian Labor in Their Projects

British Minister Expresses His Country's Confidence that Egypt Would Overcome the Current Crisis and Restore Economic Stability

The government is continuing the economic reforms process started in 2004, which helped raise economic growth rates to 7% before the global financial crisis, taking into consideration social justice, said Dr. Samir Radwan, the Minister of Finance.

The Egyptian government's policy now focuses on two main issues. The first is to face the current crisis economic repercussions by compensating those with damaged property or those who lost their jobs, Dr. Radwan indicated.

The second focuses on regaining rapid economic growth and creating jobs for Egyptian youths via a national program for employment.

These statements were made during a meeting between Egypt's Finance Minister, and the Britain's Trade and Investment Finance Minister Lord Stephen Green and his accompanying delegation which includes 15 leading businessmen from different economic sectors, as well as the education and management systems.

Radwan asked for Britain's support in seeking the cancellation of interest payments, if not its entire debts with the EU.

Dr. Samir Radwan also requested the British business community to expand their investments in the Egyptian market.

Egypt has skilled labor force, and we are seriously considering expanding its use in British companies, investment and projects in Egypt, as soon as conditions stabilize, Lord Green stressed in reply.

Britain is Egypt's biggest partner in terms of trade and investments and British tourists are among the country's most frequent visitors, Green added. Britain has no restrictions on travel to Egypt on account of recent events and some tourists are already returning to Sharm El-Sheikh, he noted.

The British government trusts that Egypt would quickly restore political and economic stability, as well as its reputation as a safe tourist destination, he asserted.   

(Source: Ministry of finance)