South Korea will provide Egypt with a loan worth $250 million for the railway modernization project, as part of efforts to promote economic cooperation with Cairo, Arab Finance notes, citing the Ministry of Finance.
The Economic Development Cooperation Fund (EDCF) will provide the credit line that will go for the construction of the Luxor-High Dam railway link.
Egypt is launching a $6 billion project to modernize railways spanning from the northern port city of Alexandria and capital Cairo to High Dam, a dam across the Nile River in Aswan.
The country has recently witnessed a string of train accidents that critics blame on the poor state of the railway network.
South Korea launched the EDCF in 1987 in an effort to help other developing countries with their basic infrastructure.