Cairo – Mubasher: Egypt and South Korea have signed an EUR 243 million agreement to supply and manufacture 32 trains for third and fourth phases of Cairo Metro’s Line 3.
The project, that will be financed by the South Korean Economic Development Cooperation Fund (EDCF), aims at serving around 1.5 passengers a day by linking the far west of Cairo with the capital’s east, Egyptian investment and international cooperation minister Sahar Nasr said in a statement on Sunday.
Moreover, the project will serve commuters in the overcrowded districts, such as Imbaba, Boulaq El Dakrour, and Mohandessin.
In the same vein, the project is to connect the capital with Cairo International Airport, Nasr added, pointing out that it will create indirect and direct jobs.
The agreement was signed by both Sahar Nasr and the South Korean ambassador to Cairo Yoon Yeo-Cheol.
Both parties are anticipated to sign a number of agreements over the coming period to bolster the transport sector, the minister said.
Nasr invited the South Korean companies to boost their investment in Egypt, stressing that the Asian country is an important partner for Cairo.
For his part, Egyptian transport minister Hisham Arafat said that the local component in manufacturing the trains reached 30% for the first time.
The first four trains will be supplied in tandem with the inauguration of the fourth phase of Line 3 by the end of 2019 and the remaining trains will be delivered one by one each month, Arafat noted.
The deal was signed as a result of two years of negotiations with the South Korean party, he indicated.
On the other hand, Yoon Yeo-Cheol praised the investment environment in Egypt, emphasising that the South Korean government is willing to reinforce its cooperation with the North African nation over the next period.
South Korea has offered training courses in the field of metro transport for around 90 Egyptians, the ambassador remarked, revealing that both parties will collaborate within the framework of a $3 billion deal.