S. Korea decides to offer US$250 mln in low-interest loans for Egypt's railway project

SEOUL, Jan. 23 (Yonhap) — The state-run Export-Import Bank of Korea said Sunday it has decided to offer US$250 million in low-interest loans to support Egypt’s national railway modernization project.

The loans from the Economic Development Cooperation Fund (EDCF) will support a part of the project to upgrade the traffic signals of a railway line linking Luxor and High Dam, the bank said.

Last week, South Korea and Egypt inked a memorandum of understanding to raise the limit of the EDCF loans to Egypt to $1 billion in 2022-26 from the previous $700 million, in an effort to deepen bilateral cooperation.

South Korea launched the EDCF program in 1987 with the purpose of supporting economic and social infrastructure projects in developing countries.