UK Export Finance and Hassan Allam Holding sign agreement to enhance cooperation across Africa
CAIRO, 19 January 2023 / PRN Africa / --
The agreement will strengthen cooperation between the two institutions, to secure investment in the UK and encourage further trade between the UK and Africa.
UK Export Finance (UKEF), the United Kingdom’s export credit agency, and Hassan Allam Holding, one of the largest engineering, construction, investment and development companies in Egypt and the MENA region, signed a Memorandum of Understanding to increase cooperation in a number of projects across Africa.
The agreement signed at the British Embassy in Cairo, aims to strengthen and enhance the cooperation between UK Export Finance and Hassan Allam Holding to further secure inward investment into the UK and to promote cooperation on financing projects and encourage trade between the UK and Africa as a whole.
Attending the signing ceremony were:
-Gareth Bayley, British Ambassador to Egypt
-Hassan Allam, CEO of Hassan Allam Holding
-Merette Elsayed, Chief Commercial Officer of Hassan Allam Holding
-Mohamed Saad, Head of Export Finance for UKEF Egypt
-Alastair Long, His Majesty’s Acting Trade Commissioner (HMTC) for Africa
-Anisah Dathi, Director of the Department of International Trade, British Embassy in Cairo
British Ambassador to Egypt Gareth Bayley said:
"It is a great pleasure to witness the signing of this Memorandum of Understanding between UK Export Finance and Hassan Allam Holding, which strengthens our two countries’ partnership across Africa. Hassan Allam Holding is one of Egypt’s leading firms, and we are proud of our partnership, which dates back to the early days of Hassan Allam Holding when they imported their first tiles from the UK. We look forward to continuing our work together, bringing mutual trade and prosperity to Egypt and the UK."
Hassan Allam, CEO of Hassan Allam Holding, said:
"We are proud to have signed a Memorandum of Understanding with UK Export Finance, which 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."
Tim Reid, CEO of UK Export Finance, said:
"I am delighted to sign a Memorandum of Understanding with Hassan Allam Holding Company. UKEF 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."
UKEF was established in 1919 to support UK exporters and the buyers of UK goods and services, and has contributed in recent years to a number of major projects in Egypt. In 2021, UKEF provided a 1.7 billion pounds guarantee to support the construction of the Cairo Monorail, one of the largest amounts of financing provided for an overseas infrastructure project in UKEF’s history. There is also 2 billion pounds available to support more projects in Egypt and across Africa, showing UKEF’s commitment to the Egyptian market.
Hassan Allam Holding is one of the largest companies in Egypt and the MENA region, with more than 85 years of experience in the engineering, construction, and infrastructure spaces; specializing in engineering and construction and investment and development and taking solid strides in renewable energy, water, logistics, mobility, and social infrastructure.
It has a portfolio of projects spanning from solar power and water to petrochemicals facilities, national museums, airports, and thousands of kilometers of roads and bridges - from Egypt to Algeria and beyond.
SOURCE British Embassy Cairo