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Korea International Cooperation Agency (KOICA) is strengthening its activities in Egypt, following the Korean Government’s designation of Egypt as a priority cooperation partner in 2021, according to Ambassador KIM Yonghyon, the South Korean Ambassador to Egypt.
Korea International Cooperation Agency (KOICA) is strengthening its activities in Egypt, following the Korean Government’s designation of Egypt as a priority cooperation partner in 2021, according to Ambassador KIM Yonghyon, the South Korean Ambassador to Egypt.
Mentioning that KOICA has successfully implemented numerous projects in Egypt, Ambassador KIM revealed that over 1,800 Egyptians have benefited from KOICA’s various short and long-term human resources development programs in Korea,. It is also engaged in other public and private scholarship programs. The Korea-Egypt Technological University in Beni Suef is a prime example, he added. It represents excellent cooperation in technical training for higher education and university-industry collaboration,” explained the South Korean Ambassador.
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Ambassador KIM announced that based on the successful implementation of the first phase of the project from 2016 to 2022, KOICA will contribute an additional $8m to Beni Suef Technological University for the second phase of the project, spanning the next 6 years.Last week, Egypt’s President Abdel Fattah Al-Sisi announced the government’s plan to increase the number of innovative technological universities from the current 10 to 27. The Ambassador made these remarks during the celebration of South Korea’s National Day.
The Central Bank of Egypt (CBE) has reported an increase of US$9.6bn in external debt from June 2022 to March 2023, reaching US$165.3bn. The CBE attributed this rise to the net disbursements of loans and facilities by US$9.1bn, as well as the depreciation of the US dollar exchange rate vis-à-vis other currencies of Egypt’s external debt, which led to an increase of $514.7m in book value
