News and more

Keep Updated On The Progress

  • Friday, 22 December 2023

Al-Mashat: The House of Representatives Approves Two Agreements with South Korea and the IsDB in the Sustainable Transportation and Urban Development Sectors

The Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, announced that the House of Representatives approved, in its plenary session, two financing agreements between the Egyptian government, the Export-Import Bank of Korea, the Islamic Development Bank (IsDB) and its affiliated institute, with a value of $460.4 million, within the framework of the strategic relations that link Egypt with multilateral and bilateral development partners, to support the country’s efforts to achieve economic and sustainable growth; implementing the 2030 Development Agenda.

The House of Representatives approved in the plenary session the decision of the President of the Arab Republic of Egypt No. 339 of 2023 regarding the approval of the arrangements agreement between the government of the Arab Republic of Egypt and the government of the Republic of Korea, for a project to manufacture and supply 40 train units (320 cars) for the 2nd and 3rd lines of the Greater Cairo Metro. The House also approved the decision of the President of the Arab Republic of Egypt No. 514 of 2023 approving the technical assistance grant agreement from the IsDB regarding identifying priority urban development interventions to enhance investments, smart applications, and livelihoods in the city of Dahab.

Al-Mashat stressed the importance of the agreement signed with the Export-Import Bank of Korea, which comes in light of Egypt’s keenness to achieve sustainable development in various sectors, including the sustainable transportation sector, to which the Government of Egypt has given special attention to developing and modernizing all its sectors. H.E. noted that many projects are being funded by development partners in the sustainable transportation sector to enhance the transition to a green economy, support the country’s vision aimed at transforming into a global logistics center, and encourage partnership between the government and private sectors in implementing priority projects, most notably the first dry port in 6th of October City.

In another context, the grant available from the IsDB in the amount of $400,000 generally aims to improve the livelihoods and living conditions of the residents of the city of Dahab in South Sinai by identifying, prioritizing and promoting urban development interventions, improving urban governance, and strengthening the capabilities and tools of key stakeholders in identifying feasible and impactful development projects.

The grant also aims to find innovative financial and technical approaches for the comprehensive and flexible upgrading of human settlements within an integrated perspective at the city level.

More information about development financing agreements during 2023