Egypt’s Minister of International Cooperation Rania Al-Mashat has received a delegation from the Export–Import Bank of Korea (KEXIM) to negotiate financing for various transportation development projects.
The mission, which is visiting Egypt from 28 May to 3 June, includes representatives from the Korean Ministry of Economy and Finance, and the Economic Development Cooperation Fund (EDCF) Evaluation Office of the KEXIM.
KEXIM’s visit aims to plan meetings with several national authorities in Egypt, to negotiate a number of projects including the modernisation of the Luxor-Aswan railway signalling systems. The mission also aims to discuss financing future projects that are aligned with state priorities.
Minister Al-Mashat applauded Egyptian-South Korean relations, particularly in light of the announcement that Egypt was selected as a strategic partner for the South Korean Government in its 2021-2025 plans for development cooperation in the region.
The minister added that the coming period will witness rounds of negotiations on partnerships and projects that fall under the strategic cooperation framework covering the next five years.
She stressed the importance of joint cooperation with South Korea, pushing towards the national 2030 development agenda.
The Ministry of International Cooperation seeks to strengthen economic relations through multilateral and bilateral development partners.
This is in addition to its three principles of Economic Diplomacy, namely: holding Multi-Stakeholder Platforms to bring all relevant entities onto the same decision making table; developing the first of its kind Official Development Assistance (ODA) mapping to the UN sustainable development goals (SDGs) to track the progress in the development projects; and communicating through a consistent Global Partnerships Narrative that puts “People at the Core”, “Projects in Action”, and “Purpose as the Driver”.
The ongoing development cooperation portfolio between Egypt and South Korea amounts to $473m, covering various sectors namely higher education, information technology, and transportation.
