Egypt finalizes a $150 million loan guarantee with Britain

Egypt on Saturday finalized a $150 million loan guarantee from Britain following a visit from British foreign minister, Boris Johnson.

According to a statement from Britain’s foreign Office, Egyptian president Abdel Fattah al-Sisi and the British foreign minister held discussions focusing on Britain’s support for Egypt’s economy including, joint work on aviation security, anti-terrorism efforts and work to resolve regional conflicts in Libya and Syria.

The two leaders also discussed human rights issues and the benefits of a free society in promoting stability and economic growth.

However, Egyptian officials expressed frustration over Britain’s refusal to lift a suspension of flights from the UK to the Red Sea resort of Sharm al-Sheikh, which was imposed following the bombing of a Russian airliner by Islamic State militants in 2015, killing all 224 people on board.

The officials in a statement said, “the fight suspension was hitting Egypt’s economy hard and was inconsistent with Britain’s repeated promises to support the country.”

The north African country is battling with an economic reform programme that has triggered massive inflation.

It is estimated that investments by British companies in Egypt reached $30 billion in 2016.