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Monday, 16 September 2019

NBE issues EGP 1.75 bn letters of guarantees for monorail projects

The National Bank of Egypt (NBE) issued six letters of guarantee worth EUR 64.9 mn (EGP 1.75 bn) to a consortium made up of Bombardier Transportation, Orascom Construction, and Arab Contractors for the 54 km monorail project, according to Al Shorouk. The credit facilities will be issued in two tranches, the first worth EUR 37.647 mn for the new administrative capital segment of the monorail, and the second worth EUR 27.211 mn for the 6th of October portion. The consortium signed a contract last month with the National Authority for Tunnels in Cairo worth more than USD 4.5 bn to work on two planned monorail lines. The government is currently seeking an additional USD 2.5 bn loan from European institutions.

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