UK Export Finance unlocks trade to Egypt and supports UK jobs with £1.7bn guarantee

  • Date: 21-Jan-2021
  • Source: Egypt Today
  • Sector:Economy
  • Country:Middle East
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UK Export Finance unlocks trade to Egypt and supports UK jobs with £1.7bn guarantee

A Bombardier CSeries aircraft is pictured during a news conference in Colomiers near Toulouse, France, October 17, 2017 - REUTERS/Regis Duvignau







CAIRO - 20 January 2021:  A consortium led by Bombardier Transportation has confirmed a deal with the Egyptian Government to build two new monorails thanks to £1.7 billion backing from UK Export Finance (UKEF), the largest amount of financing it has ever provided for an overseas infrastructure project.

 

International Trade Secretary Liz Truss announced Wednesday the government guarantee, which will support highly skilled jobs in Derbyshire as the UK builds back better in the aftermath of coronavirus.

 

Bombardier's consortium was named preferred bidder for the project at the 2020 UK-Africa Investment Summit and, with UKEF's guarantee, has secured the financing needed to fulfil the contract and start production. Bombardier can now invest in its manufacturing centre in Derby where the trains for the Egyptian monorails will be designed