Cairo – Mubasher: The European Investment Bank (EIB) and French Development Agency (AFD) will provide an EUR 400 million financing to Egypt for the development of Cairo Metro’s Line 1.
The North African nation will also receive an EUR 205 million from the European Bank for Reconstruction and Development (EBRD), Egyptian transport minister said in a statement on Thursday.
The development of line 1, which transfers around 2 million passengers per day, is a key step for the ministry as the used technology has been out-of-date, Hisham Arafat noted.
This came on the sidelines of the minister’s meeting with the two delegations of AFD and EIB to consider a number of projects in the railways and underground field.
The meeting has discussed the EUR 235 million project for upgrading trams in Alexandria in an attempt to improve the mass transportation system in the coastal governorate.
It also considered developing Tanta-Mansoura-Damietta railway line with around EUR 150 in investment, according to the statement.
