EIB finances Egypt infrastructure works

The European Investment Bank (EIB) has signed finance agreements for €245 million (US$315 million) to support infrastructure developments in Egypt.

The bank is to loan €200 million (US$255 million) as a tranche of a €600 million (US$765 million) loan for the extension of the Cairo Metro. A further €45 million (US$58 million) is to assist a community development programme.

The Cairo Metro expansion project will extend Line 3 to serve the main transportation corridors of urban greater Cairo, involving to construction of 17.7km of new track and 15 stations. The project is being co-financed by the Agence Française de Développement (AfD).