Arab Finance: President Abdel Fattah El-Sisi approved a $200 million concessional financing agreement between the Egyptian government and the Export-Import Bank of China, according to a presidential decree published in the Official Gazette.
The loan will be used to finance the third phase of the railway project in 10th of Ramadan City.
Egypt will repay the loan in Chinese currency, the yuan, with an annual interest rate of 2% and a total maturity period of 20 years, including a 60-month grace period.
El-Sisi noted that the agreement is part of ongoing efforts to expand Egypt’s railway and transport infrastructure.
