The Ministry of International Cooperation and the Korean Embassy signed a development financing agreement worth $460 million to manufacture and supply 40 train units for Greater Cairo metro lines 2 and 3.

This agreement will be funded through the Korea Economic Development Co-operation Fund (EDCF), who will provide $460 million out of the total project cost of $656 million.

This project aims to localize the railway industry and electric traction units in Egypt, through a joint cooperation between National Egyptian Railway Industries Company (NERIC) and the Hyundai Rotem Company in the Suez Canal Economic Zone.

South Korea chose Egypt to become its strategic partner in the field of development cooperation for the next five years.

The project will contribute to the creation of almost 5,000 job opportunities in the Suez Canal Economic Zone.