Korea Eximbank studies implementing $3 billion projects in Egypt

The Export–Import Bank of Korea (Korea Eximbank) is studying implementation of some projects in Egypt as pursuant to a recent preliminary deal worth $3 billion signed between Seoul and Cairo.

A Korea Eximbank mission to Cairo has met Thursday with Egyptian Minister of International Cooperation Sahar Nasr. The mission discussed projects to be carried out in order to activate the memorandum of understanding (MOU) worth $3 billion signed by Nasr during President Abdel Fattah el-Sisi’s recent visit to South Korea.

The Minister gave an overview of priority projects to be implemented through the $3 billion financial package, namely the new and renewable energy, sanitation, as well as water desalination as treatment projects.

Both sides discussed the necessary executive steps to delegate Korean technical missions to Egypt in order to identify relevant projects, besides providing grants by the Korean side to complete feasibility studies.

The Minister also met with the Executive Chairman of Doosan Heavy Industries & Construction Corporation to discuss the implementation of water desalination and treatment projects in Egypt in Qalyubia, Sharqia, Monufia, and Dakahlia Governorates.

“Discussions are ongoing with Doosan Heavy Industries & Construction Corporation regarding water desalination and treatment projects in 4 governorates.” the Egyptian minister said.