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  • Tuesday, 31 October 2023

Minister of International Cooperation H.E. Dr. Rania A. Al-Mashat Meets Officials from the Economic Development Co-operation Fund (EDCF) Evaluation Office of the Export-Import Bank of Korea (EXIM Bank) on Enhancing Joint Cooperation.

● The Minister of International Cooperation applauded the appointment of a representative from the Export-Import Bank of Korea in Egypt beginning next year.

● The two sides discuss joint cooperation to localize the industry, transfer Korean technology to Egypt, enhance export capabilities and private sector participation.

● Discussions to enhance areas of joint cooperation in light of the strategic partnership between Egypt and Korea in the field of development cooperation.

Within the framework of strengthening cooperative relations with Korea and in light of following up on the status of the implemented projects, H.E. Dr. Rania Al-Mashat, Minister of International Cooperation, held a meeting with the Director General of the Korea Economic Development Cooperation Fund responsible for Africa, and a representative of the Export Bank.  During the meeting, they noted a representative for Egypt was also appointed to start work next year, working to follow up on the position of the currently implemented projects. They also discussed the achievements to date and their continued progress, as well as  future ways of cooperation between Egypt and the Korean Bank in various fields.

At the beginning of the meeting, the Minister welcomed the officials of the South Korean side, expressing Egypt’s appreciation for the joint relations with Korea on all levels of cooperation. H.E. expressed appreciation for the decision of the Export-Import Bank of Korea to appoint a resident representative for the first time in Cairo by the end of the current year.

The Economic Development Cooperation Fund (EDCF) is a dedicated fund within the Korean EXIM Bank, established in 1987. Its role is based on supporting the provision of concessional development financing, to support the economic and social development of many sectors in partner countries.

H.E. affirmed the decision of the Export-Import Bank of Korea to appoint a resident representative for the first time in Cairo, which will enhance the development agenda, especially since Korea has a noticeable influence in implementing many successful projects in Egypt, in line with Egypt’s national development goals to achieve economic, social and environmental sustainability.

The achievements made and the level of existing cooperation between the two countries were also applauded, highlighting the Korean government’s classification of Egypt as a priority partner country in the field of development cooperation, during the period from 2021-2025, and emphasizing the importance of cooperation between the two countries in achieving development and prosperity and implementing many successful projects in Egypt, which is in line with the economic, social and environmental sustainable development goals.

The two sides stressed the importance of joint cooperation to enhance and localize industries, and transfer Korean technology to Egypt with the aim of raising local capabilities, enhancing export capacity, private sector participation, and promoting sustainable development in the country, which contributes to strengthening the economy and creating new job opportunities in Egypt, especially in light of the railway industry localization project, to meet the country’s requirements and enhance the ability to export to Africa by establishing a global manufacturing center for heavy and strategic industries. This is demonstrated by the commitment of both sides to joint cooperation and joint work to achieve the strategic goals and sustainable development of the country.

This project comes within the framework of ensuring the effective participation of the private sector and benefiting from Korean expertise in localizing technology and attracting foreign investments, which contributes to creating approximately 5,000 job opportunities in the Suez Canal Economic Zone, in order to achieve social and economic progress in the region.

It was stressed that the Government of Egypt is ready to provide a suitable investment environment and facilities for Korean companies interested in investing in Egypt, and to encourage economic and commercial cooperation between the two countries. The importance of exchanging official visits between the two countries was stressed to enhance understanding and deepen cooperation in all fields.

At the conclusion of the meeting, the two sides expressed their commitment to strengthening bilateral relations and cooperation in the areas of common development. They stressed that the meeting was an important opportunity to enhance future cooperation between Egypt and Korea in order to achieve sustainable development and prosperity for both countries.

It should be noted that the Export-Import Bank of Korea is a financial institution owned by the Korean government and operates under the supervision of the Ministry of Economy and Finance in South Korea. It was established in 1976 and plays an important role in the development financing structure in South Korea.