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
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
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
Média kit : Download

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.