7 December 2012

Egypt: Nation, South Korea Sign Cooperation Agreement

Egypt and South Korea signed a framework agreement to boost cooperation in the trade, investment, technology, construction and infrastructure fields.

The agreement was signed by Egyptian Finance Minister Momtaz el-Saeed and South Korean Strategy and Finance Minister Bahk Jae-wan.

The agreement will help improve Egypt's balance of payments and restore financial stability, Saeed said.

Saeed stressed that Egypt seeks to bridge the state budget gap valued at $ 14.5 billion, through a package of loans and financial aid by international organizations including $ 4.8 billion from the International Monetary Fund, $ 2 billion from the World Bank, $ 1 billion from the African Development Bank, $ 1 billion from the European Union, $ 1.5 billion from Qatar, half billion dollars from Saudi Arabia, $ 1 billion from Turkey and the rest of this sum will be from Egypt's countries and organizations friends.

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