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.

On the same topic
Togo raises $53M via bonds and bills, surpassing 30B XOF target Auction saw 160.86% bid coverage; OATs issued at 6.25% for three years Total...
Africa’s instant payment systems processed 64 billion transactions worth $1.98 trillion in 2024, according to AfricaNenda. The continent counted...
EIB and ZICB to mobilize €30M for Zambian agribusiness SMEs 30% of funds reserved for women-led enterprises; €4M risk-sharing...
IFC lends 170 million rand to Lula to boost digital, unsecured SME lending 80% of funds will support micro and small enterprises Deal strengthens a...
Most Read
01

Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...

UAE faces backlash over alleged role in Sudan’s gold and arms trade
02

DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...

DRC in Talks with Alibaba, Isoftstone to Develop a Chinese-Style E-Commerce Model
03

West African officials met in Lomé to improve municipal finances for crisis response Talks focuse...

West African Officials Draft Crisis-Proof Budget Strategy in Lomé
04

Launch led by Maroc Telecom, Orange, and Inwi Rollout targets 25% coverage by end-2025 under Digi...

Morocco Launches 5G Nationwide Ahead of 2025 Africa Cup of Nations
05

The Bank expects a 41% rise in 2025 and a further 6% increase in 2026. Gold topped $4,00...

World Bank sees precious metal prices staying high until 2027
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.