The Egyptian Ministry of International Cooperation and the South Korean Embassy in Egypt have signed a developmental financing agreement worth $460 million for the supply of 40 train units (320 cars) for the second and third lines of the Cairo Metro. This financing comes through a concessional funding window provided by the Korean Economic Development Cooperation Fund of the Korea Export-Import Bank.
Egyptian Minister of International Cooperation, Rania Al-Mashat, believes that the new project enhances the country's efforts to localize the railway industry in Egypt to meet development requirements and strengthen the ability to export to Africa by establishing a global manufacturing center for heavy and strategic industries. This will involve active participation from the private sector and leveraging Korean expertise in localizing technology and attracting foreign investments. The project is expected to create approximately 5,000 job opportunities in the Suez Canal Economic Zone, aiming to achieve social and economic progress in the region.
On his part, the new South Korean ambassador to Cairo, Kim Yong-hyun, noted that "the Korean government is keen to support partnerships that benefit the citizens of Egypt." Regarding the project, the ambassador explained that "it contributes to enhancing Egypt’s efforts to develop transportation means and provide advanced transport solutions for citizens," emphasizing that "the significant capabilities of the Egyptian state and its large youth population enable it to achieve substantial growth through comprehensive partnerships."
During the signing ceremony, the Minister of International Cooperation welcomed the South Korean ambassador and praised the efforts made by both the Egyptian and Korean sides over the past year to implement this project, which aims to localize the railway industry and electric traction units in Egypt through joint cooperation between the national company (NERC) and Hyundai Rotem in the Suez Canal Economic Zone.
