South Korea's Economic Development Cooperation Fund (EDCF) and Egypt signed a memorandum of understanding (MOU) for a US$1 billion concessional loan to continue economic cooperation. The funding will support large infrastructure, eco-friendly energy, and education projects.
South Korea and Egypt signed an MOU for US$3 billion in 2016; the Korean Ministry of Economy and Finance (MOEF) expanded its support for Egypt through the new MOU as an extension of cooperation from 2016. As a management entity of EDCF, MOEF entrusted EDCF to the Export-Import Bank of Korea (Exim Bank).
The two countries agreed to pursue promising projects in information and communication technology (ICT), sustainable energy, and higher science and technology education. They also planned to establish a development cooperation platform based on EDCF policy consultations. Egypt is one of South Korea's priority partner countries for official development assistance (ODA) and economic cooperation in the Middle East.