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Korea Exim News

EDCF to Provide a EUR 243 Million Loan for the Procurement of Korean Subway Trains in Egypt

  • Date2018.08.29
  • View1974

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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank”) announced on August 29 that it would provide a EUR 243 million EDCF loan to the Egyptian government for the purchase of Korean manufactured subway trains for the Cairo Metro Line 3 Project.

 

Korea Eximbank Chairman Sung-soo Eun met with Director of the National Authority for Tunnels of Egypt Tarek Gamal El-Din Galal and signed the loan agreement at the headquarters of Korea Eximbank in Seoul.

 

This project is the biggest deal of its kind financed by the Korean government in the form of EDCF loan. With the conclusion of the agreement, the EUR 243 million EDCF loan will be utilized to purchase 256 subway cars supplied by a Korean train manufacturer, Hyundai Rotem, as agreed between the company and the National Authority for Tunnels of Egypt in June last year.

 

Since the railway vehicle is considered as a high value-added business, French and Korean companies had fiercely competed to win the project. Under such circumstances, Korea Eximbank proposed a ‘blended financing package,’ which combines the EUR 243 million EDCF loan with a EUR 74.8 million export credit, which worked effectively to win the half of the procurement target of the project.

 

After the signing ceremony, the Bank’s Chairman Sung-soo Eun remarked, “Korea Eximbank will extend its all-out efforts for Korean firms to win mega-scale, high value-added projects abroad by providing the blended financing package we have.”

 

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