The Export-Import Bank of Korea (Eximbank) announced on the 23rd that it would provide a loan from the External Economic Cooperation Fund (EDCF) worth $250 million to the modernization project of the Luxor-High Dam railway in Egypt. Egypt is pursuing a railroad modernization project that modernizes the old and outdated transportation network that crosses the Egyptian territory along the Nile River. The Luxor-High Dam section is the last stage of this project. Mercury’s $250 million in funding is used to support modern signaling systems.
With this project support as an opportunity, Mercury expected that domestic small and medium-sized companies related to railway systems such as information and communication technology (ICT) equipment would further expand their entry into the African market. On the 20th, Mercury signed a memorandum of understanding on financial cooperation with the Egyptian Ministry of International Cooperation to provide a total of $1 billion in financing over the next five years to promote cooperation in large-scale infrastructure projects.
Reporter Hogi Lee hglee@hankyung.com
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