Egypt signs $301mln finance deal with Japan for 4th line of Cairo Metro

Egypt signs $301mln finance deal with Japan for 4th line of Cairo Metro

Egypt has signed a $301 million agreement with Japan for the second tranche of the soft development financing to fund the implementation of phase one of Cairo Metro’s fourth line.

The agreement was signed between Egypt's Minister of International Cooperation, Rania El-Mashat and the Minister of Transport, Kamel El-Wazir, and Japan’s Embassy in Egypt and the Japan International Cooperation Agency (JICA), according to a press release on Tuesday.

Japan’s Ambassador to Egypt expressed his happiness with the deal signing, which represents a new phase of cooperation between Japan and Egypt.

The fourth metro line stretches over 19 kilometers and includes 16 stations, connecting Cairo and Giza governorates and the 6th of October city.

The transport sector accounts for $6 billion of the current development cooperation portfolio and comprises a list of projects that promote means of transportation to citizens and stimulate the private sector.

From her end, Egypt’s El-Mashat said her country’s relationship with Japan is solid to expand in the projects of sustainable transport and universal health insurance.

With the new financing, the development finance portfolio between Egypt and Japan has reached about $3 billion

Source:Mubasher

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