The European Investment Bank (EIB) has approved the first 200 million euro block of funding for the Cairo Metro extension project.
More than 17 kilometres of track and 15 new stations will be built as part of the 600 million euro extension to the city’s Line 3.
The EIB has also pledged 45 million euros to a Community Development Programme which be put towards improvements to housing and the basic infrastructure in a number of Cairo’s struggling urban areas.
Werner Hoyer, President of the EIB, said: “With the Arab Spring, Egypt and Europe are embarking on a new era in their relations.
“The challenge for the new Egyptian government is now to restore confidence in the economy. Developing infrastructure, such as ensuring mobility, and fostering business through the Community Development Programme is key to promoting growth and employment.”
The contracts were signed in Cairo by EIB President Hoyer, Gamal Negm, Deputy Governor, and Nedal Assar, Sub-Governor of the Central Bank of Egypt and, for the Cairo Metro loan, Atta El Sherbiny, chairman of the National Authority for Tunnels and, for the loan for the Community Development Programme, Ghada Waly, managing director of the Social Fund for Development.
The project is being co-financed by the Agence Française de Développement (AfD).
