Egypt’s Ministry of International Cooperation just signed a remarkable deal worth $460 million with the Korean Economic Development Cooperation Fund (EDCF) to co-manufacture and offer trains for Cairo’s underground city lines 2 and 3. The agreement was signed on Monday by Minister of International Cooperation, Rania Al-Mashat, and Korean Ambassador to Egypt, Kim Yong-Hyun, with the EDCF..
This effort comes as part of an arrangement signed 10 months earlier with the Korean business Hyundai Rotem, where NAT signed a $656 million deal with the Korean maker and provider of railway systems to in your area produce and import 320 brand-new air-conditioned city carriages by 2028. This offer, managed by Prime Minister Mostafa Madbouly, offers a total of 40 new city carriages to the 2 lines of the Cairo Metro, which is an exceptional example of cooperation in between the two nations.
The embassy statement priced estimate Al-Mashat saying, “The 2 countries are witnessing the conditioning of cooperation more than ever in the past.” The contract is suggested to expand transport networks and improve financial advancement. This arrangement highlights the commitment of both nations to enhancing their tactical collaboration and promoting sustainable advancement.
Ambassador Kim, who began his tenure as ambassador on May 31, addressed the current contract in between Egypt and South Korea as a considerable step towards strengthening development cooperation in between the 2 countries. This task is expected to be a vital aspect in a series of future jobs between the two countries. This will certainly lead to an improvement in the standard of living of the Egyptian people, according to Kim..
The ambassador has revealed his commitment to reinforcing financial and development cooperation throughout his tenure in Egypt. He has likewise pledged to cultivate closer relations in between the private sectors of both countries, which will certainly result in shared benefits for business and industries of both countries. This effort is a testament to the growing partnership between Egypt and South Korea and underlines their shared vision for promoting sustainable development and success.