Egypt, France Sign Frame Agreement for Cairo Metro Line 3
Source: www.export-egypt.com 9/24/2012
Egypt and France signed a frame agreement to finance phase III of Cairo Metro Line 3 at a cost of €980 million, including a €40-million grant from the European Commission, €600 million from the European Investment Bank and €300 million from the French Development Agency (AFD). Planning and International Cooperation Minister Ashraf Al-Arabi, French Development Agency's General Director Dov Zerah signed the deal, in presence of Transport Minister Rashad el-Mateni and Chairman of the National Authority for Tunnels eng. Atta el-Sherbini.
Al-Arabi said that the €40-million grant from the European Commission to finance Phase III of Cairo Metro Line 3 is out of the French side's keenness on offering aid to Egypt, particularly after the January 25 Revolution. The grant also reflects the depth of Egypt-EC ties in the political, economic, culture and development fields, Arabi said. As for the European Investment Bank (EIB)'s €600-million loan, it has a grace period of seven years, with a fixed interest rate of 2.78 percent, Arabi said. The French Development Agency (AFD)'s €300-million loan has a seven-year grace period and a fixed interest rate of 2.79 percent, he said.
The cooperation between Egypt and the EIB began since 1977, the minister noted, adding that since then, the bank financed several projects in the fields of energy, infrastructure, irrigation, transport and small- and medium-scale industries, he added. For his part, Transport Minister Rashad el-Matani said that Phase III of Cairo Metro Line 3 will be 18km long, with four underground stations; Gamal Abdel-Naser, Maspero, Zamalek and Kit Kat.
This line will be sub-divided into two other lines; the first one will be 6.5km long, with six underground and above stations; Sudan, Imbaba, el-Bohi, El-Qawmiyah El-Arabiya, Ring Road and Roud El-Farag, and the second line will be 7.5km long, with five underground and above stations; Tawfiqiyah, Wadi el-Nil, Gamat El-Dowal Al-Arabia, Boulak el-Dakror and Cairo University. Line 3 will connect Cairo Airport in the east to Imbaba and Mohandisseen in the west, crossing the downturn area and Heliopolis. The Mohandisseen area will be connected to the main line going to Imbaba. Cairo Metro is the first metro network in Africa. It transports nearly 300 million commuters daily.
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