Export of Rail Management
The Korea Rail Network Authority announced on July 2 that it has signed a consulting service contract with the Egyptian National Railways with regard to modernization of the signal system on the rail link between Luxor and .
In Egypt, trains are one of the most important means of transport as they carry 500 million passengers and six million tons of cargo a year. The total length of railways reaches 9,570 km. However, the facilities are old and cause frequent accidents.
The Egyptian government launched the project to renovate the signal systems of the 16 stations along the 118 km-long railway between the two cities. The Korean government finances the project by extending the Economic Development Cooperation Fund (EDCF) through the Export-Import Bank of Korea.
The Korea Rail Network Authority manages the project as a consortium representative, providing design, bidding and ordering support starting from this month. The authority is scheduled to provide its service for a total of 45 months.
A number of similar railway projects are expected to follow based on a financial cooperation agreement between the South Korean and Egyptian governments. South Korean railway companies are expected to be able to find new business opportunities in Egypt.