ArabFinance: South Korea plans to provide $250 million in loans to Egypt for a state railway modernization project in a bid to promote economic cooperation with Cairo, according to a statement by the Ministry of Finance.

The country has decided to tap the Economic Development Cooperation Fund (EDCF) to offer its low-interest rate loans to Egypt for the project to reconstruct railways linking Luxor and High Dam.

Egypt is launching the $6 billion project to modernize railways spanning from the northern port city of Alexandria and capital Cairo to High Dam, a dam across the Nile River in Aswan.

South Korea launched the EDCF program in 1987 in an effort to help other developing countries with their basic infrastructure.

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