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Egypt receives first disbursal of foreign loans for Cairo metro line

Egypt receives first disbursal of foreign loans for Cairo metro line

Cairo: Egypt’s National Authority for Tunnels (NAT) has received the first disbursal of foreign loans designed to finance the upgrading of Cairo Metro’s line I.

The €100 million ($117.1 million) disbursal has been sent by France’s state development agency AFD, NAT chief Tarek Gamal El-Din told Amwal Al Ghad on Wednesday.

“We are negotiating the European Investment Bank to obtain a financing for the metro’s first line but we haven’t yet decided on the amount of the funding commitment,’ Gamal El-Din said.

“By the end of this year, we hope to receive €200 million from foreign financial institutions to support the Cairo Metro’s Line I upgrade project,” the Egyptian official said.

The rehabilitation of the existing infrastructure of Cairo Metro Line I will cost around €360 million, covering urgent infrastructure investments in signalling, telecoms, controls, and track works, Gamal El-Din said.

Source: Amwal AlGhad

 

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