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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Al-Mashat, KEXIM Bank President Discuss Enhancing Co-op Avenues


Wed 05 Jun 2024 | 05:56 PM
Rania Al-Mashat
Rania Al-Mashat
Nada Mustafa

Dr. Rania Al-Mashat, Minister of International Cooperation, met with Mr. Yoon Hee Sung, Chairman of the Board and CEO of the Korean Export-Import Bank (KEXIM Bank), as part of her participation in the Korean-African Summit held on June 3rd and 4th, with the participation of 48 African countries and representation from the continent's leaders, presidents, and heads of government.

The meeting witnessed discussions on joint projects financed by the Korean Export-Import Bank in Egypt in light of the partnership between the two countries, including the project to upgrade signaling systems for the Nag’ Hammadi- Luxor railway line, which enhances railway safety and security, and the project to supply 32 trains for the third line of the Cairo Metro, as well as the signaling system upgrade for the Luxor-Aswan railway line. Additionally, discussions covered cooperation in localizing the train industry in Egypt through a project to manufacture and maintain 320 trains for the second and third lines of the Cairo Metro, in collaboration between Korean companies and the Egyptian Railways Authority.

Minister of International Cooperation emphasized the importance of the "Green Suez Canal" project to enhance green transformation in the canal by 2030, through replacing boats powered by traditional fuel with liquefied natural gas-powered ones to reduce air pollution and negative effects on ecosystems. Her Excellency Dr. Al-Mashat noted that green transformation and improving environmentally friendly systems are among the government's key objectives under the National Strategy for Climate Change 2050 through cooperation with development partners.

Both sides agreed on the importance of advancing support for climate projects and transitioning to the green economy, as well as discussing cooperation in water desalination and agriculture.

Al-Mashat stressed the importance of ongoing cooperation with the Korean Export-Import Bank and the need to expand its scope to include more private sector companies in light of the state's interest in expanding private sector participation in leading development efforts and expanding efforts to localize industries in various fields.

Minister of International Cooperation praised the development of mutual relations between Egypt and South Korea, which enjoy significant support from the leaderships of both countries, reflected in Egypt being chosen as a strategic partner for South Korea in terms of development cooperation plans for the period from 2021 to 2025, as well as the ongoing development in cooperation areas. Dr. Al-Mashat emphasized that the inauguration of an office for the bank in Egypt for the first time reflects the great and immense opportunities available for cooperation between the two sides, as it will enhance opportunities for creating constructive partnerships with the private sector in Egypt.

On his part, the CEO of the Korean Export-Import Bank welcomed Minister of International Cooperation, affirming the bank's keenness to further enhance cooperation with Egypt in various fields, highlighting the bank's interest in digital transformation sectors, feasibility studies, blended financing, and enhancing partnership with the private sector to support areas of transition to the green economy.