TransMin wants EUR 2 bn French loan to fund Metro Line 6
Among the other stories we’re paying attention to this morning:
TRANSPORT- The Transport Ministry is in talks with three unnamed French financial institutions for a concessional EUR 2 bn loan to fund development works for Cairo Metro Line 6, sources familiar with the matter reportedly told Al Mal. They said the financing represents half of the line’s total cost, with the remainder being funded by the state budget. The report comes less than a week after French rolling stock manufacturer Alstom signed a framework agreement on the sidelines of COP27 with the National Authority for Tunnels to design, build and maintain the line. The French firm didn’t disclose which other companies will work on the project or the value of the contract.
TECH- The 2Africa subsea cable being laid around Africa has made its first landing in Egypt at Ras Ghareb with another landing set to follow in Port Said, Meta and Telecom Egypt said in a joint press release (pdf) Tuesday. The subsea cable, which will be the longest in the world, is being laid by a consortium of global telecom companies, and will significantly upgrade Africa’s broadband and mobile connectivity when it’s finished in 2024. The 45k-km cable will link 46 locations across Africa, Europe and Asia.
BANKING- The Financial Regulatory Authority has approved Abu Dhabi Islamic Bank Egypt’s proposed EGP 1 bn capital increase, it said in a statement (pdf) Monday, allowing the bank to publish an invitation to subscription for existing shareholders. ADIB will offer an additional 100 mn shares at EGP 10 per share to existing investors.
LEGISLATION- The Senate Housing Committee approved legislation designed to accelerate the reconciliation process for illegal buildings.