Cairo – Mubasher: Egypt’s President Abdel Fattah El-Sisi on Thursday approved an agreement with the European Investment Bank (EIB), for a EUR 350 million loan.

The loan will be used for the renovation and development of the First Line of Cairo Metro, according to a statement released on the Official Gazette.

In July, the Egyptian transport ministry unveiled plans to finance the monorail project set to be established in the New Administrative Capital.