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Thursday, 17 January 2019

Egypt secures USD 1.2 bn China EximBank loan for NAC light railway

Egypt secures USD 1.2bn China EximBank loan for new capital light railway: China’s Export-Import Bank (EximBank) has agreed to extend a USD 1.2bn loan to Egypt for the construction of a light railway running between Egypt’s new administrative capital and 10th of Ramadan city, Transport Minister Hisham Arafat has said, according to Reuters. The loan carries an interest rate of 1.8% and matures in five years, he said, adding that $739 million will be spent on trains and the remaining $461 million on infrastructure. The 68-km line will be built by five state-owned companies alongside three private sector firms over the next two years, Arafat said, without naming them.

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