CAIRO – Egyptian International Cooperation Minister Rania al-Mashat praised on Friday agreements signed with the South Korean side as South Korea announced selecting Egypt as a strategic partner for South Korea’s development cooperation plans in the Middle East and North Africa (MENA) for the period between 2021/2025.
Lauding the deeply rooted relations with South Korea, Mashat pointed to details of the concessional development finance agreements signed to enhance the development and economic cooperation.
A memorandum of understanding worth $1 billion had been signed between Egypt and the Economic Development Cooperation Fund (EDCF) to fund various projects in the fields of smart transportation, education, and renewable energy from 2022 to 2026.
A developing financing agreement worth $251.6 million was inked with the South Korean side to develop the signaling systems on Luxor- High Dam railway line.
South Korea is one of Egypt’s most important bilateral development partners, as economic relations began in 1978. The ongoing development financing portfolio between Egypt and South Korea amounts to $473 million.
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