CAIRO, June 13 (Xinhua) — Egypt and the Republic of Korea have signed a financing deal worth 460 million U.S. dollars on manufacturing 40 trains that include 320 carriages for the second and third lines of the metro in Cairo, the Egyptian Ministry of International Cooperation announced Tuesday.

The agreement was signed in Cairo by the Egyptian ministry and the ROK’s Economic Development Cooperation Fund (EDCF) on Monday.

Minister of International Cooperation Rania Al-Mashat said the deal is part of the soft finance provided by the EDCF to Egypt.

“Egypt and the ROK have been working since 2022 to carry out this project that aims at localizing railways industries in Egypt,” she said.

Such industries can promote Egypt’s exportation to Africa by establishing the most populous Arab country as an international center for strategic and heavy industries, experts said.

The project, located in the Suez Canal Economic Zone in northeastern Egypt, will lure foreign investments and create nearly 5,000 job opportunities in the economic zone, a significant step in achieving social and economic progress in the region, the Egyptian minister added.