Egypt and South Korea has recently announced the signing of financing agreement worth $460 million to assemble and supply 40 train units for Greater Cairo metro lines 2 and 3, according to local media reports.
This agreement will be funded through the Korea Economic Development Co-operation Fund (EDCF), who will offer $460 million out of the total project cost of $656 million.
This project aims to localize the railway industry and electric traction units in Egypt, through a joint cooperation between National Egyptian Railway Industries Company (NERIC) and the Hyundai Rotem Company in the Suez Canal Economic Zone.
Egypt is a strategic partner to South Korea in the field of development cooperation for the next five years.The project will create almost 5,000 job opportunities in the Suez Canal Economic Zone.
This project aims to localize the railway industry and electric traction units in Egypt, through a joint cooperation between National Egyptian Railway Industries Company (NERIC) and the Hyundai Rotem Company in the Suez Canal Economic Zone.
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