Government Decides on $250 Million Loan for Egypt National Project
Support from Economic Development Cooperation Fund (EDCF)... Interest Rate 0.15% per annum, Repayment Period 40 Years
[Sejong=Asia Economy Reporter Son Seonhee] The government announced on the 17th that it will provide $250 million in Economic Development Cooperation Fund (EDCF) support for a national project in Egypt.
The Ministry of Economy and Finance stated in a press release that it has decided to loan this amount for the "Luxor-Hydam Railway Modernization Project" in Egypt. The EDCF is a concessional aid fund established in 1987 to support the economic development of developing countries and promote economic cooperation with Korea.
The Luxor-Hydam Railway Modernization Project in Egypt is a large-scale national project to modernize the main transportation network running along the Nile River throughout Egypt, with a total project cost of $520 million. It is being promoted to improve transportation efficiency, safety, and increase tourism, contributing to balanced regional development. The support terms include an annual interest rate of 0.15% and a repayment period of 40 years (including a 10-year grace period).
According to the Ministry of Economy and Finance, the railway section connects key tourist cities such as Luxor, Esna, and Aswan, and is expected to have a significant impact on Egypt’s economy, which heavily relies on tourism. Furthermore, it is anticipated to provide an opportunity for domestic small and medium-sized enterprises to enter the Egyptian market.
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The Ministry of Economy and Finance stated, "This project holds significant importance in various aspects, including enhancing economic cooperation with Egypt and its strategic value," and added, "Going forward, the government plans to continuously strengthen economic cooperation between the two countries by expanding the scale of EDCF support for Egypt, considering the importance of economic cooperation with Egypt."
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