Agreement worth 243 million euros between Egypt and South Korea to develop the Cairo Metro

 Media In – Cairo – 26 August

Egypt and South Korea signed an agreement to support the project of supplying and manufacturing 32 trains for the Greater Cairo (Third Line), the third and fourth phases, worth 243 million euros, financed by the Korean Fund for Economic Development. The agreement was signed by Dr. Sahar Nasr, Minister of Investment and International Cooperation, Yu Xiaol, Ambassador of the Republic of Korea to Cairo. The minister stressed that the ministry is keen to move quickly to support the strategy of the Ministry of Transport, which contributes to the development. The project aims to serve the third and fourth stages of the third line, about 1.5 million passengers / day, and linking the maximum west of Cairo to its east end, and provides an environmentally friendly service for passengers to areas with high population density. The Minister added that the past period has witnessed a great development in the transport sector because of its importance in the infrastructure attractive to investors, stressing the importance of the transport sector to attract more investments during the coming period. The minister pointed out that the ministry attaches great importance to encouraging foreign direct investment, calling on Korean companies to increase their investments in Egypt and inject new investments. He stressed that South Korea is an important partner of Egypt’s development partners. He has contributed to supporting important projects that have had a positive impact on developing skills. Especially in the fields of transport, higher education, vocational training, electricity, technology transfer and Korean expertise.