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Monday, 17 January 2022

Egypt to receive USD 1 bn soft loan from South Korea

South Korea will provide a USD 1 bn soft loan to Egypt, the country’s ambassador to Cairo, Hong Jin-wook (Twitter), said at a press conference yesterday, according to Al Mal. Moon did not provide details about what the money will be used for or speak on when it could be disbursed.

The presser comes ahead of South Korean President Moon Jae-in’s visit to Egypt: Moon will be in Cairo from Wednesday until Friday for talks with President Abdel Fattah El Sisi. Talks will be held with the aim of signing a trade agreement between the two countries during the visit, Ahram Gate reported Hong as saying. Cooperation on EVs, water desalination, green hydrogen and renewables are among the other top priorities for discussion, Hong reportedly said.

Also from Hong:

  • South Korea eyes Dabaa: Moon will reportedly discuss South Korean participation in the construction of the Dabaa nuclear plant with El Sisi this week. Korea Hydro & Nuclear Power could work on the construction of the Rosatom-built Dabaa nuclear plant after reaching an early agreement earlier this month with the Russian state company. Korean media reported in October that Seoul had offered to provide “technical support” for the project, without providing details.
  • Hyundai wants to expand its footprint in the SCZone: Manufacturing giant Hyundai Rotem is reportedly in talks with an undisclosed Egyptian company to establish a “production plant” in the Suez Canal Economic Zone, he said, without providing further information. Hyundai already has projects lined up in the SCZone having agreed to work with the National Egyptian Railway Industries Company to produce railcars. Hyundai Rotem could also develop a Luxor-Aswan railway line, having already agreed to upgrade the 118 km Naga Hammadi-Luxor line last year.

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