S.Korea’s EDCF in talks over funding US$247mn Egyptian projects

Egyptian government held talks Tuesday with the South Korean Economic Development Co-operation Fund (EDCF) to discuss planned projects in the country through the fund’s soft loans worth around US$247 million.

Choi Hee-nam, Korean Deputy Minister of Strategy and Finance, said the EDCF would finance two projects in Egypt worth US$90 million and US$42 million, respectively. The first loan, at value of US$90 million, will go for the wastewater recycling project to generate electricity in Egypt’s Sohag governorate.

Meanwhile, the second loan, worth US$42 million, is a joint finance between the EDCF and the Green Climate Fund, dedicated for the establishment of a photovoltaic power station, with a capacity of 20 megawatts in Egypt’s Hurghada, Hee-nam added.

Moreover, the EDCF also offered to finance feasibility studies on the fifth and sixth line of Cairo Metro project.

On behalf of Minister Sahar Nasr, Mona Ahmed, head of the central administration for corporation with the countries of East Asia in the Ministry of International Cooperation, signed the meetings minutes.

The Economic Development Co-operation Fund (EDCF) was established in 1987 and has been playing an important role as Korea’s representative aid fund.