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The European Investment Bank (EIB) has signed finance agreements for US$315mn to support infrastructure developments in Egypt
The bank has signed a first US$255mn tranche of the US$765mn loan for the extension of the Cairo Metro and a US$58mn loan for a community development programme. Both projects represent the bank’s first response to the new administration’s priorities in this sector.
The project will extend Line 3 to serve the main transportation corridors of urban greater Cairo, involving 17.7 km of new track and 15 stations. The project will be co-financed by the Agence Française de Développement (AfD).
Werner Hoyer, president of the EIB, said, “With the Arab Spring, Egypt and Europe are embarking on a new era in their relations. The challenge for the new Egyptian government is now to restore confidence in the economy. Developing infrastructure, such as ensuring mobility, and fostering business through the Community Development Programme is key to promoting growth and employment.”
The loan for the community development programme will help extend financing for projects supporting community development, primarily in urban areas, including basic infrastructure and housing improvement.