Egypt inks $460.4M financing deals with Korea's Eximbank, IsDB

The Egyptian House of Representatives has granted approval to two financing agreements. These agreements involve the Egyptian government, the Export-Import Bank of Korea (Korea Eximbank), and the Islamic Development Bank (IsDB) along with its affiliated institute, with a total value of $460.4 million, according to a report by the Ministry of International Cooperation (MoIC).

The main objective of these agreements, as outlined in the MoIC report, is to support Egypt's efforts in achieving comprehensive and sustainable growth, as well as implementing the 2030 development agenda.

In alignment with President El Sisi's decision No. 339 of 2023, the House of Representatives has endorsed an agreement between Egypt and Korea. This agreement focuses on a specific project aiming to manufacture and supply 40 train units (comprising 320 cars) for the second and third lines of the Greater Cairo Metro.