Egypt’s Minister of International Cooperation Rania Al-Mashat received on Monday a delegation of the Export–Import Bank of Korea (KEXIM) that has started a seven-day visit to Egypt — from 28 May to 3 June — to negotiate financing various development projects in the transportation sector.
The mission included representatives from the Korean Ministry of Economy and Finance and the Economic Development Cooperation Fund Evaluation Office of the KEXIM.
The meeting comes within the framework of the Ministry of International Cooperation coordinating between international financing institutions, multilateral and bilateral development partners, and various national entities to secure development financing within the government of Egypt’s priorities.
KEXIM’s visit aims to plan meetings with several national authorities, in order to negotiate a number of projects, including the modernisation of the Luxor-Aswan railway signaling systems, and to discuss financing future projects that are aligned with Egypt’s priorities.
During the meeting, Al-Mashat applauded the Egyptian-South Korean relations, particularly in light of the announcement that Egypt was selected as a strategic partner for the Republic of Korea’s government in its plans for development cooperation in the region 2021-2025.
“The coming period will witness rounds of negotiations on partnerships and projects that fall under the strategic cooperation framework covering the next five years,” said Al-Mashat.
The ongoing development cooperation portfolio between Egypt and the Republic of Korea amounts to $473 million covering various sectors, chiefly higher education, information technology, and transportation, according to the international cooperation ministry.