EGYPT’s Ministry of International Cooperation has signed a $US 460m deal with the Korean Economic Development Cooperation Fund (EDCF) to fund the manufacture of rolling stock for Cairo metro lines 2 and 3.
The agreement was signed by the new Korean ambassador to Egypt, Mr Kim Yong-hyon, and Egypt’s minister of international cooperation, Ms Rania Al-Mashat.
In November 2021, Egypt and Korea signed a $US 650m memorandum of understanding (MoU) to localise rolling stock production in Egypt. In August 2022, Egypt’s Authority for Tunnels (NAT) signed a $US 656m deal with Korean manufacturer Hyundai Rotem to locally produce and import 40 eight-car air-conditioned metro trains by 2028, which will be partially funded under the latest agreement.
Kim, who assumed his post as ambassador on May 31, described the agreement as a prominent example of steps aimed at strengthening development cooperation between the two countries.
He said that the project is expected to be the cornerstone for more cooperation projects between the two countries in the future and will contribute to a tangible improvement in the standard of living of the Egyptian people.
Kim also stated that he will work to increase private-sector cooperation between the two countries during his tenure in Egypt, and therefore communication and cooperation with the Egyptian government and local companies will continue actively.
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