EGYPT: The European Investment Bank signed the €200m first tranche of a €600m loan to part-fund construction of the third phase of Cairo Metro Line 3 on November 14.
Phase III will add 17·7 km and 15 stations to the network, and according to EIB is intended to enhance access to employment and social services, particularly among poorer residents of the city.
The project is being co-financed by Agence Française de Développement, with the borrower being the Arab Republic of Egypt and the promoter the National Authority for Tunnels.
'With the Arab Spring, Egypt and Europe are embarking on a new era in their relations', said EIB President Werner Hoyer. '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.'