Annual policies implemented by the Ministry of International Co-operation in coordination with national authorities were the main topic of a meeting with South Korea on Wednesday.
Minister of International Co-operation Rania al-Mashat met with a delegation from South Korea’s Ministry of Economy and Finance, the Export-Import Bank of Korea (EXIM Bank) and the Korean Economic Development Co-operation Fund (EDCF) for talks on policy and identifying areas for funding.
Ambassador of South Korea in Egypt Hong Jin-wook and representatives from the Ministry of Transport, the National Authority for Tunnels, the Ministries of Finance, Military Production, Local Development and the Environment, the National Training Academy, and the Suez Canal Authority, were present at the discussions.
Al-Mashat stressed Egypt’s strategic and long-standing partnership with Korea, which has contributed to an extensive portfolio exceeding $1.2 billion.
The policy dialogue included discussions on the manufacture and maintenance of 320 trains for Cairo underground metro lines 2 and 3, the establishment of the Korea Advanced Institute of Science and Technology in Egypt, and the setting up of Suez Canal Green Energy Infrastructure in Egypt.
In line with the Government of Egypt’s Integrated Sustainable Energy Strategy 2035, which aims to lower greenhouse gas emissions and diversify 42 per cent of Egypt’s energy mix by 2035, the current portfolio with EXIM Bank includes the manufacturing and supply of 32 Trains for metro line No. 3 and the modernisation of railway signalling systems on the Nagh Hamady and Luxor Corridor.
Egypt recently announced the National Climate Change Strategy for 2050, which will be mainstreamed in all co-operation portfolios to accelerate Egypt’s transition to a green economy, el-Mashaat said.
For his part, the Korean ambassador said the partnership between Egypt and South Korea is also “flourishing in terms of financing or technical co-operation between the two countries”.
Head of the delegation JungHyun Park affirmed in her speech to the meeting that the government of South Korea looks forward to further enhancing co-operation in five areas — digital transportation, environment, energy, and climate change in Egypt.
She also expressed the readiness of the Bank and the Fund to support large-scale projects by providing mixed financial packages with mechanisms that include soft and concessional, as well as export credit
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