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S. Korea to provide US$250 mln in loans for Egypt's railway project

All News 10:11 September 17, 2021

SEOUL, Sept. 17 (Yonhap) -- South Korea said Friday it plans to provide US$250 million in loans to Egypt for a state railway modernization project in a bid to promote economic cooperation with Cairo.

The country has decided to tap the Economic Development Cooperation Fund (EDCF) to offer its low-interest rate loans to Egypt for the project to reconstruct railways linking Luxor and High Dam, according to the Ministry of Economy and Finance.

Egypt is launching the $6 billion project to modernize railways spanning from the northern port city of Alexandria and capital Cairo to High Dam, a dam across the Nile River in Aswan.

South Korea launched the EDCF program in 1987 in an effort to help other developing countries with their basic infrastructure.

sooyeon@yna.co.kr
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