Export-Import Bank Provides EDCF $250 Million for Egypt Railway Modernization Project
On the 21st (local time), Koo Eun, President of the Export-Import Bank of Korea, met with Mostafa Abu Elmakarem, President of the Egyptian National Railways, at the Cairo Railway Authority in Egypt. After signing a financial assistance agreement to provide a total of 250 million USD in funding for the modernization project of the Luxor-High Dam railway in Egypt, they took a commemorative photo.
View original image[Asia Economy Reporter Jin-ho Kim] The Export-Import Bank of Korea (KEXIM) is providing large-scale funding to innovate Egypt's railway infrastructure.
On the 23rd, KEXIM announced that it signed a loan agreement to provide a $250 million Economic Development Cooperation Fund (EDCF) loan for the 'Luxor-High Dam Railway Modernization Project.'
On the 21st (local time), KEXIM President Bang Visit-gyu met with Mostafa Abu Elmakarem, Chairman of the Egyptian Railway Authority, in Cairo, Egypt, and signed the EDCF loan agreement.
The Egyptian railway modernization project is a large-scale national project to modernize the existing outdated main transportation network (Alexandria-Cairo-High Dam Railway, 5,100 km) that runs along the Nile River. The Luxor-High Dam section is the final phase of this project.
In particular, the $250 million EDCF loan is the largest ever for a railway project and will be used to support a modern signaling system. This support aims to digitalize the railway system to achieve safe operation without frequent accidents and to improve punctuality, reliability, and customer satisfaction.
Hot Picks Today
No Bacteria Detected in Arisu After 24 Hours of Repeated Drinking from a Tumbler
- [U.S.-China Summit] "If Taiwan Is Mishandled, Collision May Occur"... Xi Jinping Delivers Stern Warning to Trump
- "We Can't Just Let Them Be Damaged Inside"... Samsung Electronics Removes 360,000 Wafers in Preparation for Strike
- Wife in $6.7 Million Debt Took Out $3 Million in Husband's Life Insurance, Poisoned Him... US Court: "She Can Never Be Released"
- "He's Handsome, It's Such a Pity?"... Lawyer Responds to Bizarre 'Appearance Evaluation' of High School Girl Murder Suspect
KEXIM expects that this support will further expand the entry of domestic small and medium-sized enterprises (SMEs) and mid-sized companies related to railway systems, such as information and communication technology (ICT) equipment, into the African market. President Bang said, "We hope that cooperation opportunities in promising sectors such as digital and green-based transportation and energy with the Egyptian government will continue to expand."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
