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Egypt borrows millions of dollars due to new project

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The Japan International Cooperation Agency has approved a $306 million loan to finance part of Line 4 of the Cairo Metro in Egypt.

The money will be used to build the first phase of Cairo Metro Line 4, a 19-kilometer route that runs between the city center, the Pyramids of Giza and the Grand Egyptian Museum. Japanese systems and trains will also be used as part of the project. 40-year official development assistance loan.

The line is scheduled to open by February 2028 and tenders have already been issued for initial construction and consultations.

In November 2020, it was announced that Orascom and Mitsubishi had signed an $800 million contract with the Egyptian National Tunnel Authority for the first phase works.

Source: Sada El Balad

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