South Korea to supply $460mln train units for Cairo Metro

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Egyptian Ministry of International Cooperation has signed a $460 million development financing agreement with the Embassy of South Korea for supplying 40 train units (320 railcars) to the Cairo Metro’s Line 2 and Line 3, according to an official statement on June 13th.

The financing will be provided by the Korean Economic Development Cooperation Fund (EDCF), affiliated to the Export-Import Bank of Korea (Korea Eximbank).

The agreement has been signed by Minister of International Cooperation Rania Al-Mashat and the new South Korean Ambassador to South Korea.

Al-Mashat praised the cooperation between the National Egyptian Railway Industries Company (NERIC) and Hyundai Rotem last year in the railway industry.

She also noted that the new project will back the government’s efforts to localize the industry and boost exports to Africa through the establishment of a global center for heavy industries in collaboration with the private sector as well as the South Korean side.

Moreover, the minister said that the project contributes to creating nearly 5,000 jobs in the Suez Canal Economic Zone (SCZONE).

It is worth noting that Egypt’s ongoing development cooperation portfolio with EDCF amounts to about $1.2 billion.