December 04, 2022
News

Egypt’s Orascom to receive loan worth $80M from North Korea cell network

Firm behind Koryolink has struggled to make money from the project or transfer funds outside the DPRK

An Egyptian firm with ties to North Korea’s Koryolink has taken a loan worth just over $80 million from its subsidiary behind the cell network, a corporate filing seen by NK News shows, though the reason remains unclear.

Orascom Investment Holdings’ (OIH) decision to take the loan from the DPRK-based CHEO Technology is notable because there is currently no banking channel between North Korea and the outside world, making it difficult for the Egyptian company to move money out of the country.