EDCF-Egypt
S. Korea to provide US$250 mln in loans for Egypt's railway project
SEOUL, Sept. 17 (Yonhap) -- South Korea said Friday it plans to provide US$250 million in loans to Egypt for a state railway modernization project in a bid to promote economic cooperation with Cairo.
The country has decided to tap the Economic Development Cooperation Fund (EDCF) to offer its low-interest rate loans to Egypt for the project to reconstruct railways linking Luxor and High Dam, according to the Ministry of Economy and Finance.
Egypt is launching the $6 billion project to modernize railways spanning from the northern port city of Alexandria and capital Cairo to High Dam, a dam across the Nile River in Aswan.
South Korea launched the EDCF program in 1987 in an effort to help other developing countries with their basic infrastructure.
(END)
(C) Yonhap News Agency. All Rights Reserved
