Egypt inks $460.4M financing deals with Korea's Eximbank, IsDB



Sun, 24 Dec 2023 - 03:43 GMT


Sun, 24 Dec 2023 - 03:43 GMT

CAIRO - 24 December 2023: The Egyptian House of Representatives has granted approval to two financing agreements. These agreements involve the Egyptian government, the Export-Import Bank of Korea (Korea Eximbank), and the Islamic Development Bank (IsDB) along with its affiliated institute, with a total value of $460.4 million, according to a report by the Ministry of International Cooperation (MoIC).

The main objective of these agreements, as outlined in the MoIC report, is to support Egypt's efforts in achieving comprehensive and sustainable growth, as well as implementing the 2030 development agenda.

In alignment with President El Sisi's decision No. 339 of 2023, the House of Representatives has endorsed an agreement between Egypt and Korea. This agreement focuses on a specific project aiming to manufacture and supply 40 train units (comprising 320 cars) for the second and third lines of the Greater Cairo Metro.

The IsDB financing, amounting to $400,000, is primarily intended to enhance the quality of life and living conditions for the residents of Dahab city in South Sinai, as highlighted by the MoIC. In recent years, the Egyptian government has been actively implementing a comprehensive plan to revitalize the South Sinai region.

This initiative encompasses infrastructure development, extensive road networks and tunnel construction, as well as the launch of national projects in agriculture, industry, services, and tourism.

According to a Ministry of Planning and Economic Development report in October, the investment allocations designated for the South Sinai Governorate in the 2023/2024 development plan indicate a total investment of approximately LE 5.1 billion that will be injected into the region.



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