Rania Al-Mashat, Minister of International Cooperation, met with the Director General of the Korea Economic Development Cooperation Fund (EDCF) for Africa and a representative of the Export-Import Bank of Korea (Korea Eximbank) to strengthen the cooperative relations with Korea and follow up on the status of the ongoing projects. They also discussed the future prospects of cooperation between Egypt and the Korean Bank in various fields.
The meeting was attended by a newly appointed representative for Egypt who will start working next year to monitor the progress of the current projects and their achievements.
EDCF is a dedicated fund within the Korea Eximbank, established in 1987. Its role is to provide concessional development financing to support the economic and social development of many sectors in partner countries.
Al-Mashat welcomed the officials of the South Korean side and expressed Egypt’s appreciation for the joint relations with Korea at all levels of cooperation. She also praised the decision of the Korea Eximbank to appoint a resident representative for the first time in Cairo by the end of this year.
Al-Mashat highlighted the achievements made and the level of existing cooperation between the two countries, noting that the Korean government has classified Egypt as a priority partner country in the field of development cooperation for the period from 2021-2025. She emphasized the importance of cooperation between the two countries in implementing many successful projects in Egypt that align with Egypt’s national development goals and the sustainable development goals (SDGs).
The two sides stressed the importance of joint cooperation to enhance and localize industries, transfer Korean technology to Egypt, raise local capabilities, increase export capacity, involve private sector, and promote sustainable development in the country. This would strengthen the economy and create new job opportunities in Egypt, especially in light of the railway industry localization project, which aims to meet the country’s needs and boost its ability to export to Africa by establishing a global manufacturing center for heavy and strategic industries. This project reflects the commitment of both sides to joint cooperation and work to achieve the strategic goals and sustainable development of the country.
This project also comes within the framework of ensuring the effective participation of the private sector and benefiting from Korean expertise in localizing technology and attracting foreign investments. It is expected to create about 5,000 job opportunities in the Suez Canal Economic Zone and achieve social and economic progress in the region.
The two sides affirmed that the Government of Egypt is ready to provide a suitable investment environment and facilities for Korean companies interested in investing in Egypt and to encourage economic and commercial cooperation between the two countries. They also stressed the importance of exchanging official visits between the two countries to enhance understanding and deepen cooperation in all fields.
At the conclusion of the meeting, the two sides expressed their commitment to strengthening bilateral relations and cooperation in the areas of common development. They stressed that the meeting was an important opportunity to enhance future cooperation between Egypt and Korea in order to achieve sustainable development and prosperity for both countries.
Korea Eximbank is a financial institution owned by the Korean government and operates under the supervision of the Ministry of Economy and Finance in South Korea. It was established in 1976 and plays an important role in the development financing structure in South Korea.
