RIYADH: Egypt signed a $1 billion financing agreement with South Korea on Thursday, in addition to rubber stamping a $8.9 million grant.

The agreement’s duration is five years, from 2022 to 2026, Asharq reported

The signing of the agreements coincides with the two-day official visit of South Korean president Moon Jae-in — the first visit in 16 years by a leader of the country.

Trade exchange between Egypt and South Korea increased by 23.6 percent in the first 10 months of 2021 to hit $1.9 billion — up from $1.6 billion during the same period last year, Asharq reported citing CAPMAS.

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