China accouAl-Mashat meets Korea Eximbank delegation for future cooperationnts for 20% of Africa’s foreign trade: UACCIAP

By Aya Abdulghany Last updated Dec 1, 2021

The Ministry of International Cooperation received a delegation from the Export-Import Bank of Korea (Korea Eximbank) to delve into the prospects of expanding the cooperation portfolio between Egypt and South Korea, which falls under the strategic partnership between Egypt and South Korea.

During the five-day visit, a coordination meeting was held in the presence of officials of the Embassy of South Korea in Cairo and government authorities including the Ministry of Transport, the National Railway Authority, the National Authority for Tunnels, the Ministry of Electricity and Renewable Energy, the Ministry of Finance, the National Training Academy, as well as visits to government agencies to explore in detail about future projects in areas of common interest.

A number of development projects are currently being implemented by the relevant authorities in cooperation with South Korea, among them a project with the National Railway Authority, “Modernization of Signaling Systems for the Nagaa Hammadi/Luxor railway line” that is worth $115m, and a project to supply and manufacture 32 railcars for the third metro line. There are currently other projects in the loop, including the project for “Developing the signaling systems of the Luxor Railway/High Dam”, as well as the project to localize the manufacture of subway carriages.

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At the end of the visit, an agreement was reached to chart the roadmap for future steps for new projects and the study of proposals for a number of development cooperation projects in accordance with the country’s development priorities.

The Minister of International Cooperation, met with a high-level delegation from the South Korean Cabinet last November, headed by Kim Young Su, Deputy Minister of International Development Cooperation in the Korean Prime Minister’s Office, senior managers of planning and evaluation in the Korean Prime Minister’s Office, and representatives of the South Korea Embassy in Cairo.

During the meeting, new frontiers of cooperation were discussed in light of the Korean government’s announcement of choosing Egypt as a strategic partner for development cooperation in the Middle East and North Africa for the period from 2021-2025, and preparations for the strategic partnership plan for this period were carried out, which is reflected in the frameworks of joint relations between the two countries.

The ongoing development financing portfolio between Egypt and South Korea amounts to $477m across several sectors, namely higher education and information technology.