Export-Import Bank of Korea (Korea Exim) has announced the support of US$312.25 million for the modernization of the Luxor-High Dam railway in southern Egypt.

Economic Development Promotion Facility (EDPF) will invest US$60.64 million in the infrastructure sector, and Economic Development Cooperation Fund (EDCF) will invest US$251.61 million in the modernization of the signal and communication systems.

Luxor-High Dam railway concession focuses on the modernization of a 962 km railway line, which has been in operation since 1850. The funds from Korea Exim will support the works for the last 224 km section located in the south part of the route. Entire route will be modernized with the completion of the section. The project aims to improve connectivity between Luxor Temple and the Valleys of Kings as well as the logistics movement of various agricultural products.