ICEC

Egypt receives first disbursal of foreign loans for Cairo metro line

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.

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