Egypt Independent

LE1.2bn loan for constructing electric train project in Cairo signed: Minister



 

Minister of transportation Hesham Arafat announced on Sunday that the ministry has signed an LE 1.2 billion loan agreement with the Export-Import bank of China (EXIM) to fund an electric train project linking al-Salam, the administrative capital and 10th of Ramadan city.

Arafat added that the new project would contain 11 stations at length of 67 kilometers, and that the ministry would construct the first stage of the train project by end of 2019.

He said that the ministry would sign the executive regulation with EXIM by January 2019.

Arafat added that the ministry would implement several train projects including the al-Ain al-Sokhna-Hurghada-Marsa Allam-Luxor express train in participation with the private sector.

President Abdel Fattah al-Sisi and his Chinese counterpart Xi Jinping signed an agreement in September 2017 to construct a $739 million electric train linking the 10th of Ramadan City and New Cairo with the New Administrative Capital.

In 2015, CCECC was awarded a $600 million contract from Egyptian National Railways (ENR) to update Egypt’s existing railway tracks.

Edited translation from Al-Masry Al-Youm