Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said.

“Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul.

A total of 17 high-profile government officials from 15 emerging countries, many of which are Southeast Asian countries, attended the weeklong workshop. 

“Egypt has implemented and financed mega projects with Korean experience and technology. We consider dealing with the Economic Development Cooperation Fund for the first time a very good opportunity,” she said. Egypt newly joined Korea’s list of official development aid partners in February.

The economic authority represented her home country at the 17th EDCF Annual Workshop for Government Officials from Partner Countries, which was jointly hosted by the South Korean Finance Ministry, the Export-Import Bank of Korea and the EDCF.

Ibrahim, 51, stressed that renewable energy-related facilities, education in technology and the sharing of management operating systems were the three pressing issues “to bring balanced socio-economic development among the current and future generations of Egypt.”

Korea and Egypt began their partnership on economic co-development in 1993. The total amount of related Korean grants has reached about $52.4 million, and more than 21 projects and numerous programs on vocational training and health care have been initiated, according to the data she 
provided.

“We are looking forward to EDCF’s positive response to our official request on financing two main projects for (the) transportation, railway and solar energy sectors to meet Egyptian development priorities,” she said.

Power plants and other energy facilities, especially involving renewable resources such as solar, wind and biogas were of key interest for the nation’s fundamental infrastructural build-up, she added.

In its 2012-2022 state master plan, Egypt seeks to lay the groundwork through 3-5 percent growth in gross domestic product in 2012-2014, followed by state support for the private sector to lead the economy in 2014-2019, she said.

“Egypt will come up with an Egyptian way of economic development, just like Korea came up with its own,” Ibrahim said. 

By Chung Joo-won (joowonc@heraldcorp.com)