The Export-Import Bank of China (Chexim) to extend an additional loan of $400 million to the Egyptian government. According to unnamed sources cited by Asharq Business, the loan will be allocated towards financing the third phase of Egypt's ambitious light rail train (LRT) project.
The LRT project, initiated by the government in 2014, aims to establish a modern transit system connecting Cairo with urban and industrial communities in the eastern region. However, the project faced delays, and the opening of its first station was postponed until 2022. To overcome financial challenges, the Egyptian government secured a loan of $1.2 billion from Chexim in 2019.
An undisclosed source familiar with the matter revealed that the loan's administrative procedures are expected to be finalized by the end of this year. Subsequently, the loan agreement will be presented to the cabinet in early next year for approval, enabling the disbursement of funds for the actual implementation of the project.