In Cairo Feb 28 Visnews filmed the British and Egyptian delegations meeting and signing the Anglo-Egyptian financial agreement.
In Cairo Feb 28 Visnews filmed the British and Egyptian delegations meeting and signing the Anglo-Egyptian financial agreement. Economic Secretary to the Treasury, Mr. Erroll, signed for Britain and Economics Minister Dr. Kaissuny for the UAR.
Signed in the presence of mediator Eugene Black, President of the World Bank, after a busy day of postponements and redrafting the agreement provides for the immediate desequestration of seized British property in Egypt and the unfreezing of Egypt's sterling balances in London.
After the ceremony Mr. Erroll and Dr. Kaissuny made brief statements. Mr. Erroll said: "My Government hopes that we shall now be able to make further progress together in developing the relations of our two countries and so contribute to calm and stability in the Middle East."
Cairo announced the 1951 Anglo-Egyptian trade pact.
From March 2 the Egyptian Sequestration Department will receive applications for the desequestration of British property within 3 months. Visas will be available to Britons wishing to return to Egypt for this purpose.
Egypt will pay GBP27.5m. from her sterling balances as compensation for "Egyptianised" property and to meet claims arising from losses suffered by sequestration concerns.
The net sum Egypt will receive from unfrozen balances amounts to about GBP51 1/2m. and amount GBP3 1/2m. will be paid immediately under the Suez Canal compensation agreement.
The release of the remainder will be regulated by the sterling balances agreement.