CAIRO - 20 January 2022: Egypt and South Korea signed four cooperation agreements in various fields on Thursday, during South Korean President Moon Jae-in’s visit to Egypt.
After holding a bilateral meeting between President Abdel Fattah El Sisi and his South Korean counterpart, both presidents have witnessed the signing of the agreements.
The agreements signed:
Memorandum of Understanding (MoU) to conduct a joint feasibility study on the trade and economic partnership between the two countries.
A memorandum of understanding on financial cooperation with the Korean Economic Development Cooperation Fund(EDCF) for the years 2022 to 2026, with a value of $1 billion.
A document between the governments of Egypt and South Korea regarding a 251-million-dollar loan from the EDCF to upgrade the Egypt-Luxor-High Dam railway.
Mutual letters regarding a non-refundable grant of $7.9 million.
President Abdel Fattah El-Sisi received South Korean President Moon Jae-in at the Egyptian Presidential Palace, Al-Ittihadiya, on Thursday. South Korean President Moon Jae-in arrived in Egypt on Wednesday in an official visit that lasts until Friday as part of a Middle East tour that included UAE and Saudi Arabia.
President Moon Jae-in’s visit to Egypt is the first by a South Korean president in 16 years and comes in light of the partnership that has signed between Cairo and Seoul in 2016 during President Abdel Fattah El-Sisi’s visit to Seoul.
This visit was scheduled to be made in March 2021 but it has been postponed due to coronavirus, S.Korean ambassador to Egypt Hong Jin-wook said in a press conference on Sunday.