South Korean President Moon Jae-in and his accompanying delegation, who is currently visiting Egypt, inspected the third line of Cairo Metro- press photo
CAIRO - 9 May 2022: The Egyptian Cabinet recently announced a statement that it had approved the presidential decree on an 51.518 million EUR (around 60.642 million USD) agreement between Egyptian National Railways and Export-Import Bank of Korea for the upgrade of the 224 km Luxor-High Dam line.
The Egyptian government has set the improvement of its railway system as one of the national priorities and plans to invest 220 billion USD until 2024. The modernization plans include introducing new passengers’ cars and locomotives, inspecting old trains, modernizing the signaling system, expanding new lines, enhancing train stations and level crossings, establishing control towers and installing inspection cameras.
During his meeting with Korean Ambassador Hong Jin-wook in June 2021, The Egyptian Transport Minister Kamel Al-Wazir said that the Egyptian Ministry of Transportation aspires for closer cooperation between the two countries in promoting a number of projects for developing transport infrastructure as well as passengers’ safety.
He added that he hopes to accelerate the consultations with the Republic of Korea on financial support regarding the second phase of Luxor-Aswan High Dam line project.
During the last visit of The former President of the Republic of Korea Moon Jae-in to Egypt in January 2022, the Minister of Foreign Affairs of Republic of Korea and the Minister of International Cooperation of Egypt had signed on Arrangements concerning a loan from the Economic Development Cooperation Fund for the Egypt Luxor and High Dam Railway Modernization Project in the presence of the two countries’ presidents.
With the prowess of Korean technology and the success of Korean companies in various cooperative projects such as the K-9 Self-propelled Howitzer project, Cairo Metro project, and participation in the Nag Hammadi-Luxor railway modernization project, it is expected that Korea will greatly contribute to strengthening Egypt's overall railway infrastructure capabilities and safety through financial support.
Furthermore, Korea's active participation in Egypt's transportation infrastructure will be the symbolic achievements of future-oriented economic cooperation between Korea and Egypt, contributing to enhancing Egyptian people's quality of life.
The government of the Republic of Korea designated Egypt as Official Development Assistance (ODA) priority partner country over the five years (2021-2025).
A press release from the South Korean embassy in Cairo
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