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Wednesday, 21 August 2019

Egypt seeking USD 2.5 bn of financing for monorail project

Gov’t eyes USD 2.5 bn loan for monorail project: The government is seeking a USD 2.5 bn loan to finance the monorail project linking Cairo to 6 October and the new administrative capital, Khalid Hamza, deputy head of the European Bank of Reconstruction and Development’s (EBRD) Egypt office, told Al Mal. Egypt is seeking USD 1 bn from the Europan Investment Bank, USD 900 mn from an unnamed UK bank, and USD 600 mn from EBRD, sources told the newspaper. A consortium of Bombardier Transportation, Orascom Construction and Arab Contractors signed earlier this month a USD 4.5 bn contract with the National Authority for Tunnels to design, build, supply and operate the lines.

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