Cabinet authorizes letter of guarantee on Egyptian-Korean financing agreement

Updated 1/10/2024 1:36:00 PM
Cabinet authorizes letter of guarantee on Egyptian-Korean financing agreement

Arab Finance: The Egyptian cabinet has approved the signing of a letter of guarantee by the Ministry of Finance regarding the concessional financing framework agreement previously signed between the Egyptian and South Korean governments on June 12th, as per a statement. 

The loan will be provided by the Export-Import Bank of Korea (Korea Eximbank) to finance the manufacturing of 320 railcars for Cairo Metro Lines 2 and 3. 

The cabinet has also endorsed the presidential resolution on the agreement concerning hosting the African Union Development Agency-NEPAD's (AUDA-NEPAD) African Center of Excellence on Climate Change Resilience and Adaptation in Egypt.

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