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International relations

South Korea inks deal to lend Egypt $1bn for infrastructure

With Moon in Cairo, leaders also discuss sale of self-propelled howitzers

South Korean President Moon Jae-in, left, meets with Egyptian counterpart Abdel Fattah el-Sisi in Cairo on Jan. 20.   © Egyptian presidency via Reuters

SEOUL -- Seoul has signed a deal to lend Egypt up to $1 billion for infrastructure development, paving the way for South Korean companies to join railway, subway and marine desalination projects in the African nation.

South Korean President Moon Jae-in sealed the arrangement in Cairo on Thursday, local time, during his one-week tour of the Middle East and North Africa. The money will go toward not only large-scale infrastructure but also renewable energy as well as science and technology education.

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