Yesterday, the Ministry of International Cooperation signed a $460-M-deal with the Korean Economic Development Cooperation Fund (EDCF) to implement a project for co-manufacturing and providing trains for Cairo underground metro lines 2 and 3.
The Korean Embassy stated that the Minister of International Cooperation Rania Al-Mashat and Korean Ambassador to Egypt Kim Yong-Hyun, with the EDCF, signed the agreement.
The statement emphasized that, under the agreement, the Korean government, represented by the EDCF, will provide $460 M out of the total project cost of $656 M.
The deal is related to an agreement signed 10 months ago with the Korean company Hyundai Rotem.
The deal, overseen by Prime Minister Mostafa Madbouly, provides around 40 new metro carriages to the two lines of the Cairo Metro.
Quoted by the Korean Embassy, Minister Rania Al-Mashat said: The two countries are witnessing the strengthening of cooperation more than ever before.
She added: The agreement is one of the excellent examples of cooperation between the two countries. It aims to expand transportation networks and boost economic development.
Ambassador Kim, who assumed his post as ambassador on 31 May, described the agreement as a prominent example of steps intended to strengthen development cooperation between the two countries.
He affirmed that this project is expected to be the cornerstone of more projects between the two countries in the future and will contribute to a tangible improvement in the standard of living of the Egyptian people.
The ambassador noted that he would work to enhance economic and development cooperation during his tenure in Egypt and expand cooperation between the private sectors of the two countries.
Notably, Egypt’s National Tunnels Authority (NAT) signed a $656 M deal with the Korean manufacturer and supplier of railway systems in August 2022 to locally produce and import 320 new air-conditioned metro carriages by 2028.
