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Monday, 28 May 2018

Egypt receives EUR 300 mn from AFD, EIB for Cairo Metro’s Line 3

Egpt drawing down European financing for Cairo Metro’s third line: Egypt has received EUR 300 mn of some EUR 900 mn in loans extended by the French Development Agency (AFD) and European Investment Bank (EIB) to finance the construction of the Cairo Metro Line 3, sources close to the matter tell Al Mal. The EIB, which provided EUR 200 mn of the amount, is expected to expend EUR 600 mn in loans to the project. The AFD, which has reportedly paid out EUR 100 mn, is expected to contribute another EUR 200 mn to the project, while the Egyptian government will cover the remaining EUR 100 mn. Developers — Orascom Construction and the JV comprised of VINCI, Bouygues, and Arab Contractors — broke ground on phase III of the project last week.

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