France takes part in financing the third and fourth phases of Egypt’s Cairo Metro Third Line project following its €344 million loan deal signed today.
Egyptian Minister of International Cooperation Naglaa El-Ahwani signed on Sunday a loan agreement from France to finance the implementation of the third and fourth phases of Cairo Metro Line 3 project.
The signing ceremony was attended by Hany Dahy, Egyptian Minister of Transportation, Ismail El-Nagdy, Chairman of National Authority for Tunnels (NAT), and André Parant, France’s Ambassador in Cairo.
As pursuant to the agreement, El-Ahwani said Egypt would receive a soft loan worth €172 million from France’s public treasury in addition to another €172 million in form of credit facilities from the French export credit agency COFACE.
The soft loan shall be repaid over a period of 53 years with a grace period of 20 years and an annual interest rate of 0.1%.