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



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 Chad O'Carroll \| Ethan Jewell November 2, 2022 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON A North Korean man uses a cellphone in Pyongyang, Oct. 5, 2016 \| Image: NK News 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. “The Board … resolved to approve the non-interest-bearing loan provided to [OIH] by its subsidiary ‘CHEO Technology,’ with © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update & Podcast Updates Start your day with the North Korea stories that matter most – as selected by Trending

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

Chad O'Carroll | Ethan Jewell November 2, 2022

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

A North Korean man uses a cellphone in Pyongyang, Oct. 5, 2016 | Image: NK News

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.

“The Board … resolved to approve the non-interest-bearing loan provided to [OIH] by its subsidiary ‘CHEO Technology,’ with

About the Authors

Chad O'Carroll

Chad O'Carroll is the founder of NK News/NK Pro and related holding company Korea Risk Group. In addition to being the group's CEO, O'Carroll is a frequent writer and commentator about the Koreas, having written about the two nations since 2010. He has visited the DPRK multiple times, worked and lived in Washington, D.C. with a focus on peninsula issues, and lived in the ROK since 2016.

View more articles by Chad O'Carroll EMAIL Twitter Got a news tip?Let us know!

Ethan Jewell

Ethan Jewell is the former correspondent for NK News focused on sanctions, trade and maritime issues. He previously worked as an investigations and intelligence specialist for Pinkerton Comprehensive Risk Management and as a research intern for the Brookings Institution's Center for East Asia Policy Studies.

View more articles by Ethan Jewell EMAIL Twitter Linkedin Got a news tip?Let us know!