The European Investment Bank (EIB) has signed finance agreements for €245 million (US$315 million) to support infrastructure developments in Egypt.
The bank is to loan €200 million (US$255 million) as a tranche of a €600 million (US$765 million) loan for the extension of the Cairo Metro. A further €45 million (US$58 million) is to assist a community development programme.
The Cairo Metro expansion project will extend Line 3 to serve the main transportation corridors of urban greater Cairo, involving to construction of 17.7km of new track and 15 stations. The project is being co-financed by the Agence Française de Développement (AfD).
The loan for the community development programme will help extend financing for projects supporting community development, primarily in urban areas, including basic infrastructure and housing improvement.