South Korea will conduct a feasibility study on redeveloping the historic port city of Alexandria in Egypt, a report said.

The study will look into the technical feasibility of the development of the Egyptian seaport, along with detailed plans to raise funds, the Yonhap news agency report said quoting the Ministry of Oceans and Fisheries.

Alexandria, on the Nile Delta, is one of the oldest seaports in world history, linking trade between the Mediterranean Sea and the Red Sea.

Currently, the port handles more than 60 per cent of shipping cargo in Egypt, but the government is seeking ways to upgrade outdated facilities and the surrounding areas.

South Korea and Egypt signed a memorandum of understanding for joint support of the Alexandria redevelopment project when President Abdel Fattah Al Sisi visited Seoul in March.