French Development Agency To Finance 3rd Phase Of Metro Line

Ashraf Al Araby, Minister of Planning and International Cooperation, has signed today an agreement with the French Development Agency (Agence Française de Développement, AFD) director Dov Zerah and the acting head of the Cooperation Department of the European Commission for providing the foreign-currency segment amounting to €940 million needed for constructing the third phase of the third metro line.

The signing was attended by the Minister of Transportation Mohamed Rashad, the head of National Authority For Tunnels Atta EI Sherbiny and head of the Middle East Regional Office of the European Investment Bank Tom Anderson.

 The French Development Agency contributes with €300 million to the loan for about 20 years with a grace period of 7 years and interest of 2.8%. The European Investment Bank contributes with €600 million for about 25 years with a grace period of 7 years and interest of 2.8%.The Neighbourhood Investment Facility (NIF) contributes with €40 million to the loan.

Egypt and France has a 40-year term cooperation relationship during which 24 projects were established with value of €676 million, said Zerah.

The relationship between Egypt and France has not been affected by the aftermath of the anti-Islam film and caricatures, Zerah affirmed.