Cairo – Mubasher: The ongoing development finance portfolio between Egypt and South Korea is standing at $473 million, and covering several sectors including high education, information technology, and transportation according to an official statement on Thursday.
“Egypt is a priority country in the Middle East and North Africa (MENA) region,” Ambassador of South Korea to Cairo, Hong Jin-wook, said during a meeting with Egypt’s Minister of International Cooperation Rania El-Mashat.
The Arab republic intends to expand the scope of cooperation in digitisation and green economy with South Korea, El-Mashat stated.
She added that during the period from 2021 until 2025, Egypt is going to be the priority strategic partner for South Korea's development cooperation plans in the MENA region.
The two officials have also discussed a project that aims to modernise signals on the Luxor-Aswan railway, as part of the developments to be financed by South Korean Ministry of Economy and Finance and the Export-Import Bank of Korea.
South Korea has supported Egypt in combating the COVID-19 pandemic by providing medical supplies and financial aid to curb economic, social, and health effects. The Asian country sent three shipments of medical supplies worth $900,000 in 2020.
In her recent interview with Mubasher, El-Mashat said: “We are keen to stimulate the renewable energy sector, in order to achieve Egypt’s 2035 Integrated Sustainable Energy Strategy (ISES), and the green economy via implementing the principles of circular economy and engaging with the private sector.”
