Sunday July 21st, 2024
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Chinese Bank Loans Egypt USD 400M for Light Electric Train Project

The loan will be used to finance the third phase of the LRT’s operating systems.

Cairo Scene

Chinese Bank Loans Egypt USD 400M for Light Electric Train Project

China’s Import-Export Bank has agreed to provide the government of Egypt with a loan worth USD 400 million to finance the third phase of its electric Light-Rail Transit (LRT) project.

The bank has previously financed the project’s initial phases at a cost of USD 1.2 billion. These investments went towards the LRT’s operating systems as well as the purchasing of 22 trains.

The new loan will be used to finance the third phase of the LRT’s mechanical and electrical systems, as well as its communications and ticketing systems, all of which will be implemented by Chinese contractor AFIC.

The loan agreement will be presented to Egypt’s House of Representatives by the beginning of 2024 to approve the disbursement procedures.

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