CAIRO, June 23 – British International Investment (BII), a UK government body for financing overseas development projects has announced plans to increase its investment activity in Egypt, while urging the government to accelerate reforms that promote greater competition between state-owned and private businesses.
The UK government-owned development finance institution currently has approximately £850 million (around $1.1 billion) invested in Egypt, making the country its largest investment destination in Africa.
Speaking during a visit to Cairo, BII Chief Executive Officer Leslie Maasdorp said Egypt remains a strategic priority for the institution.
“Egypt is our largest exposure on the African continent. That is by design,” Maasdorp said.
He added that BII intends to expand its investment portfolio in Egypt, although future commitments will depend on the availability of commercially viable opportunities.
British International Investment exclusively finances private sector projects and has directed much of its investment in Egypt toward renewable energy and climate-related infrastructure.
Its previous investments include more than $300 million for a 1.1-gigawatt wind farm in the Gulf of Suez, as well as financing for a solar power and battery storage project alongside Scatec.
The institution has also committed to investing £5 billion across Africa over five years while seeking to mobilize an additional £4 billion from private investors.
Maasdorp praised Egypt’s economic reforms under its International Monetary Fund supported $8 billion programme, highlighting the country’s adoption of a flexible exchange rate as an important structural reform.
He described the 2024 exchange rate liberalisation as a durable policy shift that has helped restore investor confidence.
However, he stressed that further reforms are needed to encourage greater private investment.
According to Maasdorp, creating a more level playing field between state-owned enterprises and private businesses would significantly improve Egypt’s investment climate.
“Levelling the playing field, if you ask me to identify one intervention, it could be that one,” he said.
He added that a stronger private sector is essential for sustaining long-term economic growth, investment and job creation.
“The private sector is the engine of growth, development and prosperity,” Maasdorp said.
Egypt has implemented a series of economic reforms in recent years aimed at stabilising the economy, attracting foreign investment and increasing private sector participation, as authorities seek to strengthen growth while reducing the state’s role in commercial activity.
