Egypt and European Investment Bank (EIB) signed on Wednesday a deal worth €350 million ($399.1 million) to develop the country’s first and oldest underground line.
The project will include the renewal of signalling system, telecommunications equipment, centralised control system, power supply, track repairs, and electrical and mechanical systems, the bank announced in a statement.
The deal was signed by Egyptian Investment Minister Sahar Nasr and EIB President Werner Hoyer in Cairo.
Last August, Egypt revealed a plan to renovate the oldest line of Cairo’s metro system with a €205 million funding deal signed between the government and the European Bank for Reconstruction and Development (EBRD).
The EBRD funding will be used to change the rail tracks used in the first line, as well as renovate stations and trains.
Egyptian transport minister said in previous statement that around 900,000 passengers use the old metro line daily in the summer, and 1,200,000 use it in the winter.