The Egyptian Cabinet recently
announced a statement that it had approved the presidential decree on 51.518
million EUR (around $ 60.642 million) agreement between Egyptian National
Railways and Export-Import Bank of Korea for the upgrade of the 224km
Luxor-High Dam line.
The Egyptian government has set the improvement of its railway system as one of the national priorities and plans to invest $220 billion until 2024. The modernization plans include introducing new passengers’ cars and locomotives, inspecting old trains, modernizing the signaling system, expanding new lines, enhancing train stations and level crossings, establishing control towers and installing inspection cameras.
During his meeting with Korean Ambassador Hong Jin-wook in June 2021, The Egyptian Transport Minister Kamel Al-Wazir said that the Egyptian Ministry of Transportation aspires for closer co-operation between the two countries in promoting a number of projects for developing transport infrastructure as well as passengers’ safety.
He added that he hopes to accelerate the consultations with the Republic of Korea on financial support regarding the second phase of Luxor-Aswan High Dam line project.
During the last visit of the Former President of the Republic of Korea Moon Jae-in to Egypt in January 2022, the Minister of Foreign Affairs of Republic of Korea and the Minister of International Cooperation of Egypt had signed on Arrangements concerning a loan from the Economic Development Co-operation Fund for the Egypt Luxor and High Dam Railway Modernization Project in the presence of the two countries’ presidents.
Source: The Egyptian Gazette
