May 12, 2022

Egyptian National Railways Authority, Export-Import Bank of Korea agreement to upgrade Luxor-High Dam line approved


The Egyptian government has set the improvement of its railway system as one of its priorities that it plans to invest $220bn into by 2024.

The Egyptian Cabinet announced in a statement this week that it approved a €51.518m- agreement (around $60.642m) between Egypt’s National Railways Authority and the Export-Import Bank of Korea for the upgrade of the 224-km Luxor-High Dam line.

The Egyptian government has set the improvement of its railway system as one of its priorities that it plans to invest $220bn into by 2024.

The modernisation plans include introducing new passenger cars and locomotives, inspecting old trains, modernising the signalling system, expanding new lines, enhancing train stations and level crossings, establishing control towers, and installing inspection cameras.

During his meeting with Korean Ambassador Hong Jin-wook in June 2021, Minister of Transportation Kamel El-Wazir said that his ministry aspires for closer cooperation between the two countries in promoting a number of projects for developing transportation infrastructure as well as passengers’ safety.

He added that he hopes to accelerate consultations with the Republic of Korea on financial support regarding the second phase of the Luxor-Aswan High Dam line project.

During the last visit of former president of the Republic of Korea Moon Jae-in to Egypt in January 2022, the Minister of Foreign Affairs of the Republic of Korea and the Minister of International Cooperation of Egypt signed agreements concerning a loan from the Economic Development Cooperation Fund for the Egypt-Luxor and High Dam Railway Modernisation Project in the presence of the two countries’ presidents.

With the prowess of Korean technology and the success of Korean companies in various cooperative projects such as the K-9 Self-propelled Howitzer project, Cairo Metro project, and their valued participation in the Nagaa Hammadi-Luxor Railway modernisation project, it is expected that Korea will greatly contribute to strengthening Egypt’s overall railway infrastructure capabilities and safety through financial support.

Furthermore, Korea’s active participation in Egypt’s transportation infrastructure will be the symbolic achievements of future-oriented economic cooperation between both countries, contributing to enhancing Egyptian people’s quality of life.

The government of South Korea designated Egypt as an official development assistance (ODA) priority partner country over the coming five years (2021-2025).

thedailynewsegypt


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