2 Chinese companies provide $250M loan for Egypt's LRT
Updated 11/27/2023 8:37:00 AM
Arab Finance: The Chinese companies AVIC Intel and China Railway Major Bridge Engineering Group Co will back Egypt’s National Authority for Tunnels (NAT) with a concessional loan worth $250 million, Asharq Business reported, citing unnamed sources familiar with the matter.
The loan will finance the fourth phase of the light electric train (LRT), they pointed out.
NAT will use the loan to pay for the costs of electrical, mechanical, signaling, communications, and central control systems of the project, one of the sources said.
On the other hand, the authority will handle the costs of the civil works, the source added.
In September, the Export-Import Bank of China (Chexim) provided Egypt with a new loan worth $400 million to finance the construction works of the LRT.
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