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Korea Eximbank supports co-financing for modernization of railroads in Egypt

Date 2021.09.22 View 11293

□ The Export-Import Bank of Korea(www.koreaexim.go.kr, Chairman Bang, Moon-Kyu, "Korea Eximbank") announced on the 22nd that it will provide about $312.25 million for the modernization of the Luxor-High Dam railway in southern Egypt with the EDCF.

 

 

□ This support of Korea's railway modernization project in Egypt is the first case of co-financing provided with the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF*).

* Economic Development Promotion Facility(EDPF) was introduced in 2016 to contribute to industrial development in developing countries and support projects to promote bilateral economic exchanges, and it uses funds borrowed from the financial market but provides low-interest and long-term finance to large infrastructure projects in developing countries.

 

ㅇ The total amount of support will reach $312.25 million, with EDPF investing $60.64 million in the infrastructure sector and EDCF investing $251.61 million in modernization of signal and communication systems.

 

ㅇ As EDCF and EDPF are jointly supported, infrastructure and systems are expected to improve significantly and Korean companies will have more opportunities to participate in overseas projects.

 

 

□ The Egyptian railway modernization project is the top priority of the Egyptian government, which has been in three stages since 2009.

 

ㅇ Korea Eximbank supports the last 224km section located in the southernmost part of the entire route (962km), and the entire route will be modernized with the completion of the section.

 

ㅇ The project section is concentrated in major Egyptian tourist attractions such as the Luxor Temple and the Valleys of Kings, and plays a big role in the logistics movement of various agricultural products produced downstream of the Nile River.

 

ㅇ However, since this section was opened in the 1850s, the facility was underdeveloped, so the operation speed was slow, and safety accidents were frequent.

 

ㅇ If the project is successfully completed with funding from Korea Eximbank, it is expected to greatly contribute to Egypt's economic development by improving train operation speed and on-time, revitalizing the tourism industry and improving the logistics environment.

 

 

□ An official from Korea Eximbank said, "As of last year, Egypt is Korea's No. 1 African exporter and is a country with a great need to strengthen economic cooperation considering its economic size, population, and geopolitical location." He added, "We will expand support for large infrastructure using co-financing to increase opportunities for Korean companies to enter overseas businesses along with promoting friendship with developing countries."

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