Finance

Egypt: President al-Sissi lands $3.6 billion investment agreement with South Korea

Monday, 07 March 2016 14:49

Egypt’s President, Abdel Fattah al-Sissi ended his Asian tour on a good note. After the $17.7 billion of investment it obtained from Japan on February 29, the head of state obtained another $3.6 billion commitment from his South Korean counterpart during his visit to her nation from March 3 to March 5.

Agreements related to the South Korean investments in Egypt were signed by al-Sissi and President Park Geun-hye at a bilateral economic summit held in Seoul. According to a statement published by South Korean presidency, these agreements include infrastructure projects such as the construction of the Cairo subway and enlarging Canal of Suez.

On its official website, Egypt’s government revealed that the South Korean construction company Doosan Group would build a charcoal-powered power station in the Matrouh region in the North West while Hyundai and Daewoo will handle the expansion of national power supply network.

The Egyptian President started on February 29 a tour in Asia, passing first by Kazkhstan, then Japan and ended in South Korea. The tour comes at a time when Egypt struggles to restart its economy which suffers plunging tourism and lowering investment, subsequent to the overthrowing of Hosni Mubarak in 2011.

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