{"id":542886,"date":"2022-01-23T04:02:37","date_gmt":"2022-01-23T04:02:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/korean-presidential-visit-brings-usd-1-3-bn-in-new-financing-raft-of-cooperation-agreements\/"},"modified":"2022-01-23T04:02:37","modified_gmt":"2022-01-23T04:02:37","slug":"korean-presidential-visit-brings-usd-1-3-bn-in-new-financing-raft-of-cooperation-agreements","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/korean-presidential-visit-brings-usd-1-3-bn-in-new-financing-raft-of-cooperation-agreements\/","title":{"rendered":"Korean presidential visit brings USD 1.3 bn in new financing, raft of cooperation agreements"},"content":{"rendered":"<p><strong>We could have a trade agreement with South Korea soon:<\/strong> President Abdel Fattah El Sisi and South Korean President Moon Jae-in agreed on Thursday to conduct a joint feasibility study of a bilateral trade liberalization agreement, according to the Korean <a href=\"https:\/\/en.yna.co.kr\/view\/AEN20220120009500315\">press<\/a>. If it comes to fruition, the agreement would be Korea\u2019s first trade pact with an African country. Moon was here from Wednesday through Friday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c85b753-c915-4809-a035-491b881b9076\">last week<\/a>, marking the first time a South Korean president has visited Egypt in 16 years.<\/p>\n<p><strong>Korea is set to provide us with soft loans worth USD 1 bn over the next five years<\/strong> to finance construction and infrastructure projects, including transport and water infrastructure, as per an MoU the two presidents signed on Thursday. The funding from Korea\u2019s Economic Development Cooperation Fund will also be used to fund new and renewable energy projects, the International Cooperation Ministry <a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/296493419179230?__cft__[0]=AZUlnyUWutuelZHw0W2W9o4pnk92tILTTNgKN2wamDIResp9unaXPESyZ1UaQs-u5vSIBg9_64lbYXQbbfeYtTNisa-veBMT792_x9Nbwx_ejKMbv3fT5XFWVN7YjxeQHCcCbr9UQvPzVrfbPEMPHX6o&__tn__=%2CO%2CP-R\">said in a statement<\/a>. South Korea\u2019s ambassador in Cairo announced the planned loan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c6904f1-6ead-4b3d-bc2d-e76f78734611\">earlier last week<\/a>.<\/p>\n<p><strong>The two sides also inked a USD 251.6 mn development finance agreement<\/strong> that aims to upgrade the signaling systems for the Egypt-Luxor High Dam railway line, according to the International Cooperation Ministry. This comes in addition to a fresh USD 7.9 mn development grant from the <a href=\"http:\/\/koica.go.kr\/\">Korean International Cooperation Agency (KOICA)<\/a> with the aim of establishing a public e-procurement system, including training and technical support.<\/p>\n<p><strong>Cooperation on culture: <\/strong>The two countries also signed an agreement to work together on archeological sites, restoration, and museum management \u2014 including the use of technology, and combating illegal trafficking in antiquities. It will begin with the restoration of the first edifice at the Ramesseum Temple in Luxor, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/321763139994113?__cft__[0]=AZXgASDLsF_r3G3tbWEnwW1AIYAUL_5atdobgJtLAovORVCNOjFcH-SrVQJB5of49fk7yPuGjTqVFqMkEWOPdr220IOTdoQe29rgw0QuGh7azjgIKYqTQmZ-go48qmRvfDHydInhJEYNXkpYEWbioYuX&__tn__=%2CO%2CP-R\">statement from the Tourism Ministry<\/a>.<\/p>\n<p><strong>What else was on the agenda?<\/strong> El Sisi and Moon also discussed localizing the manufacture of electric vehicles, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/489305712558162\">Ittihadiya statement<\/a>, as well as cooperation on communications, tourism, mining, security, and potential Korean involvement in El Sisi\u2019s Decent Life development initiative.<\/p>\n<p><strong>Trade between Egypt and South Korea tops out at about USD 2 bn annually<\/strong>, while Korean investment in Egypt rings in at about USD 800 mn, Moon said, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/320948800075547?__cft__[0]=AZVeJgzrtDpVPYTk35F3j1QXW1Fhp9EKnqyJ9S2pCUs85sjIup6HJRujXFGQgknh8r-HkZ-T9aeLaWK5K6Nh0z8FxpehPIBYCK8BOaozdLXH9BJjDCnhZryVUruy-fb2FeLUCYrAl4bytWfJvFfEr4UP&__tn__=%2CO%2CP-R\">cabinet statement<\/a>. He added that some 33 Korean companies operate in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We could have a trade agreement with South Korea soon: President Abdel Fattah El Sisi and South Korean President Moon Jae-in agreed on Thursday to conduct a joint feasibility study of a bilateral trade liberalization agreement, according to the Korean press. If it comes to fruition, the agreement would be Korea\u2019s first trade pact with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7576],"tags":[96,101,72,443,415,414,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542886","post","type-post","status-publish","format-standard","hentry","category-development-finance","tag-abdel-fattah-el-sisi","tag-development-finance","tag-enterpriseam","tag-international-cooperation-ministry","tag-moon-jae-in","tag-south-korea","tag-transport","wpautop","entry"],"acf":{"mongo_id":"fa0a675e-4de3-4420-a089-1ef76f1f1ec9","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542878],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Korean presidential visit brings USD 1.3 bn in new financing, raft of cooperation agreements - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/korean-presidential-visit-brings-usd-1-3-bn-in-new-financing-raft-of-cooperation-agreements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Korean presidential visit brings USD 1.3 bn in new financing, raft of cooperation agreements\" \/>\n<meta property=\"og:description\" content=\"We could have a trade agreement with South Korea soon: President Abdel Fattah El Sisi and South Korean President Moon Jae-in agreed on Thursday to conduct a joint feasibility study of a bilateral trade liberalization agreement, according to the Korean press. 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Moon did not provide details about what the money will be used for or speak on when it could be disbursed.The\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543271,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/this-evening-a-freetrade-agreement-with-south-korea-is-in-the-works-turkey-and-china-star-in-a-tale-of-two-interest-rate-approaches\/","url_meta":{"origin":542886,"position":1},"title":"THIS EVENING: A freetrade agreement with South Korea is in the works + Turkey and China star in a tale of two interest rate approaches","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Happy THURSDAY, friends \u2014 it\u2019s finally the end of this busy workweek. We could have a four-day week coming up next: Expect an announcement this coming Sunday or Monday that we\u2019re taking next Thursday off in observation of the 25 January holiday.The Nutty Professor returns to show us he\u2019s not\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542780,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/korean-firm-set-to-produce-parts-for-locally-assembled-ev-microbuses\/","url_meta":{"origin":542886,"position":2},"title":"Korean firm set to produce parts for locally assembled EV microbuses","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Korean auto firm set to sign agreement on locally assembled EV microbuses this week: State-owned Engineering Automotive Manufacturing Company (EAMCO) is set to sign a cooperation agreement with South Korean auto parts maker Myoung Shin to locally produce electric microbuses \u201cby the end of the week,\u201d Hapi Journal quotes Public\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593823,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/el-sisi-meets-south-korean-business-delegation\/","url_meta":{"origin":542886,"position":3},"title":"El Sisi meets South Korean business delegation","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"El Sisi meets South Korean business delegation: President Abdel Fattah El Sisi yesterday met a delegation of South Korean multinationals in town for the Egypt-Korea Business Council, and urged them to step up their investments in Egypt, according to an Ittihadiya statement. We noted yesterday that 20 South Korean firms\u2026","rel":"","context":"In &quot;Diplomacy + Foreign Trade&quot;","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542834,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/19\/rosatom-on-track-to-break-ground-on-dabaa-in-july\/","url_meta":{"origin":542886,"position":4},"title":"Rosatom on track to break ground on Dabaa in July","author":"enterpriseam admin","date":"19 January 2022","format":false,"excerpt":"Construction on the Dabaa nuclear power plant is on track to begin \u201cthis summer, tentatively in July,\u201d the director of Russia\u2019s state-owned Rosatom, General Alexey Likhachev, told TASS. The timeline matches what we were told by Egyptian Nuclear and Radiological Regulatory Authority (ENRRA) spokesperson Karim Al Adham last year, after\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/229.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/01\/sisi-talks-investment-with-south-korean-defense-minister-in-historic-visit\/","url_meta":{"origin":542886,"position":5},"title":"Sisi talks investment with South Korean defense minister in historic visit","author":"enterpriseam admin","date":"1 September 2021","format":false,"excerpt":"El Sisi talks military cooperation, manufacturing and technology transfer with South Korea\u2019s defense minister: President Abdel Fattah El Sisi yesterday held military cooperation and investment talks with South Korean Defense Minister Suh Wook on the second day of the latter\u2019s visit to Cairo \u2014 the first of its kind to\u2026","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542886"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542886\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542878"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542886"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542886"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}