According to MOIC’s report, the purpose of these agreements is to support the country’s direction towards achieving comprehensive and sustainable growth and implementing the 2030 development agenda.
The Egyptian House of Representatives approved two financing agreements between the Egyptian government, the Export-Import Bank of Korea (Korea Eximbank), the Islamic Development Bank (IsDB) and its affiliated institute, worth $460.4 million, according to a report by the Ministry of the International Cooperation (MoIC).
According to MOIC’s report, the purpose of these agreements is to support the country’s direction towards achieving comprehensive and sustainable growth and implementing the 2030 development agenda.
In regard to President El Sisi's No. 339 decision in 2023, the House of Representatives has given its approval to an agreement between Egypt and Korea. This agreement pertains to a project aimed at producing and delivering 40 train units (consisting of 320 cars) for the second and third lines of the Greater Cairo Metro.
The IsDB financing of $400,000 generally aims to improve the livelihoods and living conditions of the residents of the city of Dahab in South Sinai, the MOIC added.
Over the past years, the Egyptian government has been diligently executing a comprehensive plan to revitalize the South Sinai region.
This initiative involves the development of infrastructure, construction of extensive road networks and tunnels, and the launch of national projects in agriculture, industry, services, and tourism.
In October, in terms of investment allocations directed towards South Sinai Governorate in the 2023/2024 plan for development, a report from the Ministry of Planning and Economic Development reveals a total investment of approximately EGP 5.1 billion will be pumped into the region.
