Cairo – Mubasher: The National Authority for Tunnels (NAT) is planning to sign a $1.2 billion syndicated loan agreement with the The Export-Import Bank of China (EXIM) next month to finance the electric train project, head of the NAT's Central Administration for Planning and monitoring Tarek Abou El-Wafa said.
Abou El-Wafa highlighted that the train would link both el Salam city and the 6th of October with the New Administrative Capital, according to Alborsa News.
The EXIM agreed on covering the project’s total cost last September through adding another tranche of $500 million that represents the local component to be implemented by Egyptian firms, he added.
Given that, the Chinese lender had approved to finance $739 million of the project’s total cost of $1.2 billion, while the Egyptian government would provide the remaining sum.
Last August, the NAT signed an agreement with the Aviation Industry Corporation of China (AVIC) to execute telecommunications, signals, and control works of the project, in addition to manufacturing and supplying 20 trains.
A consortium comprised of Arab Contractors, the Petroleum Projects & Technical Consultations Co (Petrojet), and Orascom Construction will carry out the civil work of the project, Abou El-Wafa indicated.
In February 2017, the NAT has requested loans worth a combined EUR 330 million from European banks and financial institutions to develop Cairo Metro Line 1.
