The European Investment Bank has offered US$500 million to finance the development of the first Cairo Metro line, which extends between Helwan and Marg, said Transportation Minister Hesham Arafat.
This development will include signs along the tracks and stations and the infrastructure, in order to transfer the line from its current mechanical system to a communications-based train control system.
During a meeting with an EIB delegation on Wednesday, the minister said the bank's representatives expressed their wish to contribute to development of the first and second lines, in addition to cooperating in the logistic areas in 10th of Ramadan and 6th of October cities, financing the Robeiky cargo line and supporting the ministry’s investment unit.
The minister also indicated strong cooperation between the ministry and the bank in funding of the third phase of the third line at total sum of €600 million. The bank also offered a contribution to finance the development of al-Raml tramway in Alexandria after extending it to Manshiya Square.
Arafat expressed his appreciation of the fruitful cooperation between the ministry and the bank, saying that raising the efficiency of the first line through two stages is a priority in the meantime. The bank offered to fund the development at 50 percent of the total cost.
Edited translation from Al-Masry Al-Youm
