Cairo: CEO of British International Investment (BII) Leslie Maasdorp praised the reforms implemented by Egypt under President Abdel Fattah El Sisi and the efforts made to improve the investment climate.
According to State Information Service Egypt, Maasdorp expressed support for the measures taken by the Egyptian government to create an attractive investment environment in an exclusive interview with the Middle East News Agency (MENA) following a visit to Cairo. He emphasized that BII closely follows Egypt's efforts to enhance a level playing field and foster private-sector growth, which he considers crucial for job creation and economic prosperity.
Maasdorp revealed that BII announced a new strategy for Egypt, aimed at strengthening the partnership between the UK and Egypt, accelerating reforms, increasing investment, and supporting sustainable long-term growth. He highlighted Egypt as a key strategic partner and a cornerstone of BII's new strategy, with plans to invest £9 billion across Africa, including £5 billion from BII's own balance sheet.
He affirmed that Egypt remains a priority market for BII, supported by a long-standing partnership and steadily growing investments. Maasdorp noted that BII is owned by the UK government, operating within the framework of strong bilateral ties with Egypt.
Maasdorp outlined Egypt's geopolitical importance as a regional hub and praised its achievements in renewable energy. He reiterated that Egypt will remain a high-priority market for BII, reflecting the country's economic weight and opportunities in renewable energy, infrastructure, and financial services.
BII's total commitments in Egypt have reached approximately $1.3 billion since 2012, underscoring the strength of the existing partnership and available opportunities, Maasdorp added. He emphasized the focus on renewable energy and productive sectors contributing to job creation and a more sustainable economy.
Highlighting Egypt's global standing in wind energy, Maasdorp mentioned a wind farm project he visited, implemented in partnership with Germany's DEG and other financiers. He stressed that the energy sector offers promising opportunities for Egypt to become a leader in clean energy.
On port investments, Maasdorp explained BII's indirect participation through its partnership with DP World within an African ports platform. He noted that BII's model involves investing alongside the private sector rather than governments.
Looking ahead, Maasdorp said BII aims to invest £15 billion across all markets over the next five years, with £9 billion allocated to Africa. He reiterated that Egypt remains BII's largest African market, focusing on energy, financial services, and green industries.
He emphasized the potential for Egypt's private-sector growth, supported by a young workforce and strategic location as a gateway to Africa and an export hub to Europe. Maasdorp noted that BII collaborates with other development finance institutions to achieve economic stability and sustainable growth in Egypt.