Egypt: EIB lends EUR 200m for the Cairo metro line

The European Investment Bank (EIB) has signed a first EUR 200m tranche of the EUR 600m loan approved by the Bank for the extension of the Cairo Metro .

Werner Hoyer, President of the EIB, commented:  “With the Arab Spring, Egypt and Europe are embarking on a new era in their relations. The challenge for the new Egyptian government is now to restore confidence in the economy. Developing infrastructure, such as ensuring mobility, and fostering business through the Community Development Programme is key to promoting growth and employment.”

The Cairo Metro’s expansion will help to reduce traffic congestion and pollution and promote the use of public transport, thus contributing to more sustainable development of the city. The project will extend Line 3 to serve the main transportation corridors of urban greater Cairo, involving 17.7 km of new track and 15 stations. It is intended to enhance mobility and access to jobs and social services, particularly among the poorer citizens of Cairo. The project is being co-financed by the Agence Française de Développement (AfD).      

The Borrower is the Arab Republic of Egypt and the Promoter is the National Authority for Tunnels (NAT).

Source : EIB

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