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Egypt to get EUR 330m loans for Cairo Metro Line 1 upgrade

Egypt to get EUR 330m loans for Cairo Metro Line 1 upgrade
The Egyptian authority will get EUR130 million from the EBRD

Cairo – Mubasher: The Egyptian National Authority For Tunnels (NAT) at the transport ministry has approached banks and European institutions for EUR 330 million in loans to develop Cairo Metro Line 1.

The Egyptian authority will get EUR 130 million from the European Bank for Reconstruction and Development (EBRD), EUR 150 million from European Investment Bank, and EUR 50 million from French Development Agency, Alborsa newspaper reported on Sunday.

Developing infrastructure of Cairo Metro Line 1 will reduce the minimum time between trains, increase capacity by introducing the cutting-edge technology of signalling system, and provide safe, reliable and eco-friendly transport system for more than 2 million passengers per day, EBRD said.

EBRD’s EUR 130 million loan to the North African nation is expected to be approved in April after finalising the undergoing review of the project.