By Matthew Roscoe • 20 January 2021 • 12:51
CREDIT: "Liz Truss" by Gareth Milner is licensed under CC BY 2.0
UK Export Finance Unlocks Trade to Egypt Supporting UK Jobs with £1.7 Billion Guarantee
A consortium led by Bombardier Transportation has confirmed a deal with the Egyptian Government to build two new monorails thanks to the £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 today (January 20) announced 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 and built.
This will be the UK’s only monorail car production line and will directly support 100 UK jobs at the company and many more in its UK supply chain.
This news comes as the UK hosts the Africa Investment Conference today (January 20 2021), its first major international investment conference as an independent trading nation. The UK-Africa trade relationship was valued at £35 billion in 2019, with around £54 billion of bilateral investment stock on top of that.
Liz Truss said: “Trade is an incredibly powerful way to propel growth and create jobs as we recover from the pandemic. This deal shows why we are so determined to get businesses to grasp these opportunities and take advantage of the support available from the Government.
“One-third of our economy is [through] exports. That’s why support from our export credit agency is vital. It can help the UK get a bigger slice of the global economic pie, secure jobs across the country and make the most of our newfound independence as a trading nation.”
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]
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