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Wednesday, 21 March 2018

NAT to ink USD 1.2 bn loan agreement for 10 Ramadan-Salam train next month

The National Authority for Tunnels (NAT) will sign next month a USD 1.2 bn loan agreement with the Export-Import Bank of China to build an electric rail line linking Salam City with Tenth of Ramadan City and the new administrative capital, the authority’s planning chief Tarek Abul Wafa tells Al Borsa. The bank was initially set to cover USD 739 mn of the cost, with the Egyptian state picking up the rest. However, China Exim recently agreed to NAT’s request to cover the full cost of the project by adding another USD 500 mn tranche, according to Abul Wafa. NAT signed an agreement with China’s AVIC in August last year to deliver the rail line’s communication and signaling system, as well as to manufacture and supply 20 locomotives. A consortium of Egyptian construction firms, including Petrojet, Arab Contractors, and Orascom Construction, will carry out infrastructure works for the project.

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