Al-Mashat meets Korean Eximbank delegation to establish roadmap for future cooperation
The Ministry of International Cooperation received a delegation from the Export-Import Bank of Korea (Korea Eximbank) to deepen the prospects for expanding the cooperation portfolio between Egypt and South Korea, which is part of the framework of the strategic partnership between Egypt and South Korea.
During the five-day visit, a coordination meeting was held in the presence of officials from the South Korean Embassy in Cairo and government authorities including the Ministry of Transport, the National Road Authority of railway, the National Tunnel Authority, 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 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, including a project with the National Railway Authority, âModernization of Signaling Systems for the Nagaa Hammadi Railway Line / Luxor â, valued at $ 115 million, 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 âDevelopment of signaling systems for the Luxor / Grand Dam Railwayâ, as well as the project to locate the manufacture of metro trains.
At the end of the visit, an agreement was reached to map out the roadmap of the future stages of new projects and the study of proposals for a certain number of development cooperation projects according to the country’s development priorities.
The Minister of International Cooperation met a high-level South Korean Cabinet delegation last November, led by Kim Young Su, Deputy Minister of International Development Cooperation in the Korean Prime Minister’s Office, senior officials of the planning and appraisal of the Korean Prime Minister’s Office of the Minister and representatives of the South Korean Embassy in Cairo.
During the meeting, new frontiers of cooperation were discussed in light of the Korean government’s announcement to select Egypt as a strategic partner for development cooperation in the Middle East and North Africa for the period 2021. -2025, and the preparations for the strategic partnership plan for this period have been completed, which is reflected in the frameworks of joint relations between the two countries.
The ongoing development finance portfolio between Egypt and South Korea stands at $ 477 million across several sectors, namely higher education and information technology.