South Korea grants Egypt $250mln for railway project

Egypt is launching the $6bln project to modernize railways spanning from the northern port city of Alexandria and capital Cairo to High Dam

  
Image used for illustrative purpose. A worker pushes a wheelbarrow at Walini tunnel construction site for Jakarta-Bandung High Speed Railway in West Bandung regency, West Java province, Indonesia, February 21, 2019.

Image used for illustrative purpose. A worker pushes a wheelbarrow at Walini tunnel construction site for Jakarta-Bandung High Speed Railway in West Bandung regency, West Java province, Indonesia, February 21, 2019.

REUTERS/Willy Kurniawan

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.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Construction