Dubai metro extends maintenance contracts with Thales
Egyptian trains collide, killing dozens, after 'unknown individuals' activate emergency brakes
UAE rail network now reach border Saudi Arabia
Etihad Rail and Transportr agree to streamline digital logistics services
First Talgo train for Egypt due to arrive in November
Contract to build 660km Egyptian high-speed electric rail link awarded to Siemens Mobility
UAE rail network now reaches border Saudi Arabia
Preparations for Iran-Iraq rail link construction complete
Egypt and Siemens finalise details for high-speed line contract
Construction of Etihad Rail Phase 2A completed
KOREA’s export bank is to provide $US 312.25m in loans to the Egyptian government for the modernisation of the north African country’s railways.
Eximbank will supply the money via an Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EPDF).
The money will be used to upgrade the Luxor – Aswan line in southern Egypt and is the first time support has been provided by both the EDCF and EPDF. The former will provide $US 251.61m, the latter $US 60.64m.
The section of railway, which opened in the 1850s, serves major tourist attractions including the Luxor Temple and the Valley of Kings and plays a role in the logistics movement of agricultural products produced near the River Nile. However, the line’s low line speeds and poor safety record are highlighted by Eximbank as reasons for the investment.
The EDCF is designed to be a low-interest, long-term loan, while the EDPF is focussed on supporting infrastructure projects.
“As of last year, Egypt is Korea’s number one African exporter and is a country with a great need to strengthen economic cooperation considering its economic size, population, and geopolitical location,” says an Eximbank spokesman. “We will expand support for large infrastructure using co-financing to increase opportunities for Korean companies to enter overseas businesses along with promoting friendship with developing countries.”
This article first appeared on www.railjournal.com
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.