Al-Mashat: We look forward to promoting relations with Korea by funding related projects

11:33 VM

Tuesday 31 May 2022

Books – Mustafa Eid:

Dr. Rania Al-Mashat, Minister of International Cooperation, met with members of the Korean delegation of the Korean Ministry of Economy and Finance, the Korean Export-Import Bank “EXIM Bank” and the Economic Cooperation and Development Fund “EDFC”, who are visiting Egypt from 28 to 31 May 2022.

The visit aims to follow up the Bank’s ongoing projects in Egypt, and to hold the annual policy dialogue organized by the ministry in coordination with all national authorities involved in Egyptian-Korean cooperation, to provide opportunities for joint discuss collaboration and proposed development projects. which will be funded during the coming period, according to a statement from the Ministry of International Cooperation today, Tuesday.

The delegation is also scheduled to visit the High Dam-Luxor railway project, which is to be funded by the Bank, within the framework of joint development relations between Egypt and South Korea.

The Korean delegation was led by Joon Hyun Park, Executive Director of the Economic Cooperation and Development Fund (EDFC), and Hyuk Joon-kun, head of the African team at the African Export-Import Bank, EXIM Bank. The Korean Ambassador to Cairo, Hong Jin Wook, and a number of embassy officials were also present.

On the Egyptian side, officials from the Ministry of International Cooperation, representatives from the Ministry of Transport, the National Tunnel Authority, the Egyptian Railway Authority, the Ministries of Finance, Military Production, Local Development and Environment, the National Training Academy, the Cairo Ferry and Maritime Transport Company, and the Suez Canal Authority participated in the event.

During the meeting, Al-Mashat referred to the leading portfolio of her ministry with South Korea, through which a number of projects are funded and implemented, particularly projects to develop railway systems on the Upper Egypt lines.

She explained that these relations culminated in the Korean presidential visit to Egypt in January 2022, during which a framework agreement for economic cooperation was signed which provides a soft financing package worth one billion dollars to support a number of development projects within the framework of cooperation between the two countries 2022-2026.

Al-Mashat stated that the joint relations between Egypt and Korea experienced a great development during the era of President Abdel Fattah El-Sisi, as a reflection of the extensive economic relations with the Korean side since the eighties of the last century.

She expressed Egypt’s efforts to develop cooperation with the Korean side for broader horizons through joint production, transfer and localization of technology between the two countries, following the Korean Government’s Egypt as a strategic partner in the field of Middle East development cooperation. East and North announced. Africa for the next five years, which will reflect positively on development cooperation projects.

In the light of this, the Minister of International Cooperation, in coordination with national authorities, is working to prepare development projects to be funded within the framework of the state’s priorities, including projects in the sectors of infrastructure, transport, railways, technical support and training .

The Minister of International Cooperation reviewed the development efforts undertaken by the government within the framework of the Egypt Launches 2023-2027 program, economic and structural reform measures, and plans in which the state seeks to address the current global economic crisis and its impact on the Egyptian economy.

She stressed that the government intends to take many measures aimed at improving the participation of the private sector and increasing its role in achieving development.

Al-Mashat also touched on Egypt’s readiness to host the United Nations Climate Change Conference in Sharm el-Sheikh, the announcement of the National Climate Change Strategy 2050, and the country’s efforts to transition to a green economy through ambitious sectoral strategies. in promoting energy. sector and green hydrogen generation, and discuss opportunities for joint cooperation with the South Korean side in this framework.

Jun Hyun Park, Executive Director of the EDFC Economic Cooperation and Development Fund and Head of the Korean delegation, said that the Korean government looks forward to further strengthening cooperation in 5 key areas, including ICT-based transport, environment, energy, digital transformation and climate change in Egypt.

She also expressed the strong readiness of the Bank and the Fund to support large-scale projects by providing mixed financial packages with mechanisms that include easy and less concessional, and export credit by the Bank’s various departments, according to the statement.

Representatives of the bank explained that the Korean side prefers the manufacture and maintenance of 320 trains for metro lines no. 2 and 3, which is the largest project the fund will fund to date in collaboration with the Egyptian Ministry of Transport.

Park concluded her speech by saying that the annual policy dialogue is an important mechanism that contributes greatly to determining the priorities of the Egyptian side, which enhances the Fund’s support to the Egyptian government and makes it a strong partner that contributes strongly to the journey of economic development.

South Korea is one of Egypt’s most important Asian development partners, with economic relations starting in 1978.

The current development funding portfolio between Egypt and South Korea amounts to nearly half a billion dollars, including $ 71 million in development grants in higher education, intellectual property, vocational training and information technology through the Korean International Cooperation Agency (KOICA), in addition to soft development funds in dollars. transport sectors and capacity building of government cadres.

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