Cairo – Mubasher: Egypt will sign an agreement with the French Development Agency in Cairo, European Investment Bank, and the European Bank for Reconstruction and Development (EBRD) next May to develop the infrastructure of Cairo Metro Line 1 with EUR 600 million ($737.7 million) in credit facilities.
The National Authority for Tunnels (NAT) will also finance the project with around EUR 100 million, bringing the total funding of the line to EUR 700 million, Egyptian transport minister Hisham Arafat added in a statement.
Metro Line 2 will be upgraded in collaboration with the EBRD to provide six new trains, Arafat said, noting that the ministry has discussed a proposal on upgrading the line with the French Development Agency.
The minister stressed that the French Development Agency has obtained an EUR 8 million grant in favour of the Egyptian transport ministry for Alexandria’s Raml Tram technical studies, adding that the grant contract will be signed next month.
He indicated that signing the agreement of financing Raml tram is set to take place in September 2018 at a value of EUR 237 million to be obtained from the French Development Agency in Cairo and European Investment.
