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Wednesday, 8 June 2016

Amid allegations of corruption at the NAT, the European Investment Bank forces delay of a tender for Cairo Metro Line 3

Corruption case roils Cairo Metro Line 3? The European Investment Bank (EIB) has reportedly forced the postponement of tenders for the EUR 940 mn third phase of Cairo Metro Line 3 until there’s clarity on a corruption case brought against National Authority for Tunnels (NAT) chief financial officer Hisham Helmy, Al Borsa reported on Tuesday. Helmy was allegedly caught on camera taking a bribe from a private firm that was taking part in a tender and subsequently arrested by the Administrative Control Authority. As the largest single backer of phase three, the EIB is contractually allowed to intervene in NAT tenders for the line under certain circumstances. EIB is providing EUR 600 mn in financing for the project, while France is kicking in EUR 300 mn.

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