International Cooperation Minister Rania al-Mashat and South Korean Ambassador in Cairo Kim Yong-Hyun signed a financing agreement, worth dlrs 460 million, to implement a project for manufacturing and supplying 320 carriages for Cairo Metro Lines 2 and 3.
The deal will be through the concessional financing window provided by the Korean Economic Development Cooperation Fund (EDCF) of the Export-Import Bank of Korea.
In a statement, the International Cooperation Ministry said the deal falls within the framework of the strategic cooperation and partnership between the two countries, and after the Korean government has designated Egypt as an Official Development Assistance (ODA) priority partner for 2021-2025.
The international cooperation minister lauded efforts exerted by the Egyptian and Korean sides over the past year to implement this project.
The project aims to localize the railway industry and railway traction units in Egypt through cooperation between the National Egyptian Railway Industries Company (NERIC) and “Hyundai Rotem” in the Suez Canal Economic Zone (SCZONE), she added.
For his part, the South Korean diplomat thanked the international cooperation minister for efforts to support relations between the two countries.
He further noted that the coming period will witness more cooperation in light of the strategic partnership between the two countries.
He also expressed the South Korean government’s keenness on making efforts to promote development that benefits the Egyptian citizens.
