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UK, African companies sign more than £6.5B in deals at London summit

Companies from the U.K. and across Africa signed 27 deals worth more than £6.5 billion at the U.K.-Africa Investment Summit in London on Jan. 20, with investment and projects in key sectors including infrastructure, energy, retail and manufacturing.

Among the deals announced during the summit, the largest were Bombardier Transportation UK Ltd.'s £3.18 billion contract to construct and operate two monorail lines in Cairo, Egypt, and a £1.20 billion investment by Tullow Oil PLC to continue oil production in Kenya, according to a U.K. government statement.

Other companies that announced deals include Diageo PLC, which is investing £167 million to make its breweries in East Africa more sustainable, and Baker Hughes Co., which signed a £306 million deal on export and investment of deep-sea equipment and scholarships in Mozambique.

Rolls-Royce Holdings PLC sold £50 million worth of aircraft engines to Egypt, while retailer Matalan Ltd. and drug maker GlaxoSmithKline PLC also announced investments in the North African country for their local operations. The British and Egyptian governments also announced an agreement to boost economic ties at the London summit.

Trade between the U.K. and Africa stands at more than £36 billion, according to the U.K. Department of International Trade.