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Japan to provide US$392mn loan for Egypt's fourth metro line

JICA to give Egypt US$392mn loan for its fourth metro line.

Japan International Cooperation Agency (JICA) will give Egypt a US$392mn loan to fund the construction of Cairos fourth metro line, Egypts planning minister said.

At the signing ceremony, Planning and International Cooperation Minister, Faiza Abu El-Naga, said that the amount is the first tranche of a US$1.28 billion loan that carries an interest rate of 0.2 per cent.

The fourth metro line is estimated to cost US$2.49 billion and will run from the northwestern suburb of Sixth of October City via the site of a new Egyptian museum near the Pyramids of Giza to a district south of downtown.

Construction is set to begin in September and expected to take seven years to finish.

In February, Egypt inaugurated the first phase of the third line, running from the city centre to the airport in the northeast.

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