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Sunday, 30 May 2021

Bechtel could help fund Cairo Metro Line 6 with USD 2 bn loan

Bechtel is said to be arranging financing for Cairo’s sixth metro line: US infrastructure giant Bechtel will reportedly arrange facilities worth a total of USD 2 bn for the Egyptian government to finance nearly half of Cairo’s sixth metro line, Al Mal reports, citing sources from the Transport Ministry. The long-term financing facility would carry a rate of up to 1%, sources said. Bechtel, which is expected to lead the construction of the USD 5 bn line, will hand its financial proposal to authorities by early July.

Four other countries to provide the remaining USD 3 bn? Transport Minister Kamel El Wazir said last year that financing for the project has been lined up from the US, Canada, Britain, France and Japan.

Local firms in on the act: Half of the 30-km project will be handed to four unnamed “major” local companies to reduce costs, Al Mal’s sources said, without disclosing further information.

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