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. 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. Become a member for less than $5.75 per week. Unlimited access to all of NK News: reporting, investigations, analysis The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © 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 Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

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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.

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

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