Egypt, South Korea to Cooperate in Transportation, Railway Sectors

The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
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Egypt, South Korea to Cooperate in Transportation, Railway Sectors

The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)
The Egyptian and South Korean officials during their meeting. (Egypt Ministry of Transportation)

Egypt discussed with South Korea on Friday ways of supporting and developing joint cooperation in the fields of railways, metro and sea transport.

They also reviewed other projects in progress between them.

Egyptian Minister of Transportation Eng. Kamel al-Wazir met in Cairo with his South Korean counterpart Noh Hyeong-ouk, who is currently on an official visit to the North African nation.

During the meeting, the ministers tackled the projects underway between Egypt and South Korean in the different fields of transport, especially as regards to upgrading the signaling system on the 118 km Naga Hammadi-Luxor line and the 224 km Luxor-High Dam line.

The two ministers also agreed to activate the agreement that was previously signed by Egypt and South Korea to locally manufacture metro train cars in Egypt, the Transportation Ministry said in a statement.

Wazir stressed that the Egyptian government places great importance on improving maritime transport, adding that a comprehensive plan has been implemented to transform Egypt into international hub for trade and logistics.

For his part, the Korean Minister underlined Seoul's keenness on increasing cooperation with Cairo in a number of sectors.

The ministers signed a memorandum of understanding to enhance cooperation in the field of railways and the public and the private sectors.

The agreement also aims at developing cooperation in signaling, communications, control systems and the renovation of railways.

The Egyptian government stressed that developing the railway network focuses on the carriages, railway, updating the traffic signal system, improving safety, installing modern equipment and training workers.

Egypt has in recent years witnessed several railway accidents.



Global Debt Marches to Record High, Reaches $318 Trillion

One dollar bills are put in packaging bands during production at the Bureau of Engraving and Printing in Washington November 14, 2014. (Reuters)  
One dollar bills are put in packaging bands during production at the Bureau of Engraving and Printing in Washington November 14, 2014. (Reuters)  
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Global Debt Marches to Record High, Reaches $318 Trillion

One dollar bills are put in packaging bands during production at the Bureau of Engraving and Printing in Washington November 14, 2014. (Reuters)  
One dollar bills are put in packaging bands during production at the Bureau of Engraving and Printing in Washington November 14, 2014. (Reuters)  

The global debt-to-GDP ratio rose for the first time since 2020 last year, as the world's debt stock hit a new year-end record of $318 trillion and economic growth slowed, an Institute of International Finance report showed on Tuesday.

The $7 trillion rise in global debt was less than half of the 2023 increase, when expectations of Federal Reserve interest rate cuts sparked a borrowing surge.

The IIF warned, however, that so-called bond vigilantes could punish governments if rising fiscal deficits persist, reported Reuters.

“The increasing scrutiny of fiscal balances — particularly in countries with highly polarized political landscapes — has been a defining feature of recent years,” the IIF said.

Market reactions to fiscal policies in the United Kingdom brought down the short-lived tenure of Prime Minister Liz Truss in 2022, while similar pressures in France ousted Prime Minister Michel Barnier last year.

Debt-to-GDP - an indicator on the ability to repay debt - approached 328%, a 1.5 percentage point increase, as government debt levels of $95 trillion clashed with slowing inflation and economic growth.

The IIF said it expects debt growth to slow this year, amid unprecedented global economic policy uncertainty and still-elevated borrowing costs.

It warned, though, that despite high borrowing costs and economic policy uncertainty, its forecast of a $5 trillion increase in government debt this year could rise due to calls for fiscal stimulus and larger military spending in Europe.

Emerging markets accounted for roughly 65% of global debt growth last year.

This borrowing, along with a record $8.2 trillion in debt which emerging markets need to roll over this year - 10% of it in foreign currency - could strain countries' abilities to weather looming political and economic storms.

“Heightened trade tensions and the Trump administration's decision to freeze US foreign aid, including cuts to USAID, could trigger significant liquidity challenges and curb the ability to roll over and access to FX debt,” the report said.

It added that, “This underscores the increasing importance of domestic revenue mobilization to build resilience against external shocks.”