US, Korean Banks may cooperate in Egypt’s $7.5 billion Petrochemicals Project

Egyptian Investment Minister Ashraf Salman has discussed Wednesday plans to carry out petrochemicals project in Egypt with the representatives of the U.S. Export-Import Bank, Export-Import Bank of Korea (Korea Eximbank).

The project is set to be built in the north west of Gulf of Suez, with investment cost of US$7.5 billion.

The Egyptian minister also reviewed the project with representatives of U.S., Italian and Korean financial institutions.

Moreover, Salman pointed out that the Egyptian government cooperates with international financial institutions to make use of their experts in applying one-stop-window system to facilitate business establishment without investors having to visit several ministries for approvals and procedures.