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Thursday, 12 July 2018

Egypt receives EUR 100 mn from AFD to finance Cairo Metro Line 1 infrastructure

Egypt has received the first EUR 100 mn tranche from the French Development Agency (AFD) to finance the infrastructure development of Cairo Metro Line 1, National Authority for Tunnels head Tarek Gamal Al Din said, according to Amwal Al Ghad. It’s unclear whether this financing is part of a EUR 600 mn funding agreement that was expected to be signed with the EBRD, the European Investment Bank (EIB) and AFD to finance the project back in February. Egypt is expecting to receive an additional EUR 1 mn tranch by the end of the year, Gamal Al Din said, without disclosing more details. Total investments in developing the country’s rail network are expected to reach EGP 220 bn by 2030, according to a Cabinet statement.

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