Egypt’s Al-Mashat, KEXIM Bank discuss joint projects at Korea-Africa Summit – Dailynewsegypt
Egypt’s Minister of International Cooperation, Rania Al-Mashat, met with Yoon Hee Sung, Chairperson and CEO of the Export-Import Bank of Korea (KEXIM Bank), during the Korea-Africa Summit held in Seoul on June 3rd and 4th.
The summit brought together representatives from 48 African countries, including leaders, presidents, and heads of government.
The meeting centred on joint projects financed by KEXIM Bank in Egypt, including the Nag’ Hammadi-Luxor railway signalling upgrade, the supply of 32 trains for Cairo Metro’s third line, and the Luxor-Aswan railway signalling upgrade.
Discussions also covered potential collaboration on localizing train manufacturing in Egypt, involving the production and maintenance of 320 trains for the Cairo Metro.
Al-Mashat emphasized the significance of the “Green Suez Canal” project, which aims to replace traditional fuel-powered boats with liquefied natural gas alternatives by 2030. This aligns with the Egyptian government’s focus on green transformation and environmental sustainability under the National Strategy for Climate Change 2050.
Both parties agreed on the importance of supporting climate projects and transitioning to a green economy. They also explored cooperation in water desalination and agriculture.
The Minister stressed the need to expand cooperation with KEXIM Bank to include more private sector companies, aligning with Egypt’s goal of increasing private sector participation in development efforts. She praised the growing relationship between Egypt and South Korea, highlighting Egypt’s designation as a strategic partner for South Korea in development cooperation.
The recent opening of KEXIM Bank’s first office in Egypt further demonstrates the potential for increased collaboration.
Yoon Hee Sung expressed KEXIM Bank’s commitment to strengthening cooperation with Egypt across various sectors, particularly in digital transformation, feasibility studies, blended financing, and partnerships with the private sector to support the green economy transition.