South Korea will conduct a feasibility study on redeveloping the historic port city of Alexandria in Egypt, the Korean maritime affairs ministry here said on Wednesday.
The research will be into the technical feasibility of the development of the Egyptian seaport, along with detailed plans to raise funds, according to the Ministry of Oceans and Fisheries.
Alexandria, on the Nile Delta, is one of the oldest seaports in world history, linking trade between the Mediterranean Sea and the Red Sea.
Currently, the port handles more than 60 percent of shipping cargo in Egypt, but the government is seeking ways to upgrade outdated facilities and the surrounding areas.
South Korea and Egypt signed a memorandum of understanding for joint support of the Alexandria redevelopment project when President Abdel Fattah el-Sisi visited Seoul in March.
“The Alexandria project is one of the biggest government-led policies of the Egyptian government,” the South Korean ministry said. “South Korea’s participation in the project is expected to strengthen bilateral cooperation between the two countries and help South Korean companies advance into the North African country.”
Source: Korea Times and Yonhap