Back to the complete issue
Thursday, 2 August 2018

EBRD provides EUR 205 mn loan for Cairo Metro Line 1 rehabilitation

INFRASTRUCTURE WATCH- EBRD provides EUR 205 mn loan to rehab Cairo Metro’s Line 1: The Madbouly government signed yesterday a EUR 205 mn loan agreement with the European Bank for Reconstruction and Development (EBRD) to finance the rehabilitation of infrastructure on the Cairo Metro’s Line 1, according to a Cabinet statement. “The funds will finance urgent works on Line 1 — the oldest of the Cairo underground lines — which remains the backbone of the system and is used by 500 mn customers per year. Investments will increase the line’s capacity by 40 per cent by reducing headway (the time between trains) from 3.5 minutes to 2.5 minutes, thereby improving levels of safety, comfort and service reliability,” according to an EBRD statement.

Background: The loan is part of a EUR 600 mn funding agreement — the balance of which will be provided by the French Development Agency and the European Investment Bank — for the first phase of the line’s development. The National Authority for Tunnels is expected to contribute an additional EUR 145 mn for the first phase. The EUR 650 mn second phase will entail the purchase of an unspecified number of metro cars, Transport Minister Hisham Arafat said yesterday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.