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Sayed Salamah
The Egyptian Cabinet issued an official statement on social media pages announcing the government’s approval of the financing agreement between the General Authority for Railways and the Export-Import Bank of Korea, at a value of 51,518,000 euros. The agreement supports the agreed financing agreement for the modernization of signaling systems in the Luxor-High Dam railway line, with a length of 224 km.
The Egyptian government considers the development of the railway system a national priority, with investment plans extended until 2024, with a budget of 220 billion dollars. The development plans include providing new passenger cars and locomotives, inspecting old trains, developing signaling systems, adding new lines, developing train stations and road junctions, establishing control towers, and installing inspection cameras.
His Excellency the Minister of Transportation, Mr. Kamel Al-Wazir, said during his meeting with the Ambassador of the Republic of Korea, Mr. Hong Jin-wook in June 2021, that the ministry seeks stronger cooperation between the two brotherly countries in supporting many projects directed at developing the infrastructure of the transportation system and maintaining the safety of citizens. He added that he is seeking to speed up consultations with the Korean government to provide the financial support needed to finance the second phase of the Luxor-High Dam project. During the recent visit of His Excellency former Korean President Moon Jae-in to Egypt in January 2022, the Minister of Foreign Affairs of the Republic of Korea and the Minister of International Cooperation of the Arab Republic of Egypt signed the agreed arrangements for obtaining a loan from the Economic Development Cooperation Finance Fund to implement the Luxor Railway Development Project The High Dam in the presence of the presidents of the two countries.
In light of the success of many Korean companies in implementing several cooperation projects with pioneering technology, such as the K-9 self-propelled howitzer project, the Cairo metro project, and the participation in the Luxor-Nag Hammadi railway development project, it is expected that the Korean participation will strengthen the capabilities and safety of the railway system in Egypt through financial support for the project. This support includes replacing the traditional railway system with the latest electronic systems.
In addition, Korea’s active participation in infrastructure development projects for the Egyptian transportation system contributes to improving the standard of living of Egyptian citizens. It symbolizes the great achievements of the mutual economic cooperation between the Republic of Korea and the Arab Republic of Egypt, which goes beyond cooperation based on profit between companies.
The Government of the Republic of Korea has chosen the Arab Republic of Egypt as a priority partner in official development assistance and a pivotal partner for development in the Middle East and South Africa for the five years from 2021-2025.
