President Abdel Fattah El Sisi issued a decree approving a soft loan offered by South Korea to upgrade Egypt's railway signalling system.

The loan agreement was signed between Egypt and Korea Economic Development Cooperation Fund (EDCF) in March of 2016 to develop railway traffic light system from Naga Hammadi to Luxor.

The Korean fund implements aid projects in developing countries.

The soft loan will be repaid over 40 years with an annual interest rate of 0.15 percent and a ten-year grace period.

The decree was published in the Gazette out Thursday.

Sisi also issued a decree approving a framework agreement signed between Egypt and South Korea in March of 2016 to get loans from the fund.