South Korea's Hyundai Rotem has entered into a soft financing agreement with the Egyptian Transport Ministry for the development of the Cairo Metro network, said a report.

Part of the Hyundai Motor Group, the company is a major manufacturer of rolling stock, defence products and plant equipment.

As per the deal, Hyundai Rotem will offer soft financing to the Egyptian government for purchase of 64 new trains for the third line of Cairo Metro network once it gets completed, reported Amwal Alghad.

The announcement was made during a meeting between Egyptian Minister of Transport Galal Al Saeed and Yoon Soon-Gu, South Korean ambassador to Cairo, where the duo discussed ways to boost bilateral cooperation between the two countries in the transport sector, notably in metro, railway, and port projects, it stated.

The Line 3 is a main line of the Cairo Metro mass transit system comprising 29 stations. Out of this, two will be on grade and the remaining 27 stations underground.

The entire line 3 is expected to be fully operational by October 2019.