Egypt’s Ministry of International Cooperation just signed a remarkable deal worth $460 million with the Korean Economic Development Cooperation Fund (EDCF) to co-manufacture and provide trains for Cairo’s underground metro lines 2 and 3. The agreement was signed on Monday by Minister of International Cooperation, Rania Al-Mashat, and Korean Ambassador to Egypt, Kim Yong-Hyun, with the EDCF.
This initiative comes as part of an agreement signed 10 months ago with the Korean company Hyundai Rotem, where NAT signed a $656 million deal with the Korean manufacturer and supplier of railway systems to locally produce and import 320 new air-conditioned metro carriages by 2028. This deal, overseen by Prime Minister Mostafa Madbouly, provides a total of 40 new metro carriages to the two lines of the Cairo Metro, which is an excellent example of cooperation between the two countries.
The embassy statement quoted Al-Mashat saying, “The two countries are witnessing the strengthening of cooperation more than ever before.” The agreement is meant to expand transportation networks and boost economic development. This agreement highlights the commitment of both countries to enhancing their strategic partnership and promoting sustainable development.
Ambassador Kim, who began his tenure as ambassador on May 31, addressed the recent agreement between Egypt and South Korea as a significant step towards strengthening development cooperation between the two nations. This project is expected to be a crucial element in a series of future projects between the two countries. This will undoubtedly result in an improvement in the standard of living of the Egyptian people, according to Kim.
The ambassador has expressed his commitment to bolstering economic and development cooperation throughout his tenure in Egypt. He has also pledged to foster closer relations between the private sectors of both countries, which will undoubtedly result in mutual benefits for the businesses and industries of both nations. This initiative is a testament to the growing partnership between Egypt and South Korea and underlines their shared vision for promoting sustainable development and prosperity.
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