Egypt’s Biggest Bank takes part in Funding First Monorail in the Country
Egypt’s biggest state-run bank, the National Bank of Egypt (NBE) has obtained initial approval to take part in funding a $1.5 billion project to build a monorail near Cairo, MENA reported Tuesday.
The 52 kilometer (32 mile) project, linking the 6th of October City with Giza and Cairo governorates, is set to be completed by mid-2018 with funding from a 14-year loan.
Construction is scheduled to start in January 2016.
Speaking to reporters on Tuesday, NBE’s executive board member Yehia Abu El Fotouh said his bank would contribute 900 million Egyptian pounds (US$118 million) to the monorail project.
On Saturday, Egypt’s Housing Minister Moustafa Madbouly announced that a consortium of Canada’s Bombardier Inc, Sawiris-controlled Orascom Construction, and Egypt’s leading construction firm Arab Contractors will build a monorail train near Cairo. Bombardier provides rail vehicles, signaling and control equipment, as well as making planes.
Bombardier has implemented many similar projects in eighteen countries including the US, Spain, Germany, Canada, Italy, Portugal and Saudi Arabia, Madboly added.
