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.
By Staff Writer, Arab Finance
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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