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
EGX is consulting on a revised trading schedule, extending the close to 3:00 PM and adjusting the opening to increase overlap with Gulf...
Scheme helps banks finance farming, processing and exports deemed too risky Agriculture accounts for just 3.95% of private sector bank lending...
Kenyan banks face a potential $800M payout after courts ruled unapproved interest rate hikes illegal, reinforcing consumer protection...
Senegal raises 560 billion CFA francs in final 2025 bond sale Issuance exceeds target, reflecting strong demand despite fiscal...
Most Read
01

Kenya shipped its first mango consignment to the UK on December 20 The move is part of a pilo...

Kenya targets UK market to boost mango exports
02

The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...

AES Launches Confederal Investment Bank: A Strategic Pivot Toward Sahelian Financial Sovereignty
03

Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...

Beyond Online Checkouts: Apple Pay Finds a Second Row into Nigeria via Nomba
04

Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...

Safaricom and Airtel Money Licensed to Facilitate Capital Markets Access in Kenya
05

MTN Zambia launched a Mastercard-powered virtual card enabling secure global online payments for u...

MTN MoMo, Mastercard Partner in Zambia to Boost Global Payments
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.