Egypt’s Minister of Transport, Hisham Arafat, announced on January 16, 2019 that Chinese import-export bank, China Eximbank, has granted a loan of 1.2 billion USD to the country to finance the construction of a subway line light linking Cairo to the new administrative capital, 68 km long.
This is a 5-year repayable loan with an interest rate of 1.8%. USD 461 million is earmarked for infrastructure financing and USD 739 million for rolling stock. “Five public companies and three private companies are involved in the construction of the light rail network,” said Hisham Arafat, adding that the project should be completed by 2021.
It should be noted that China EximBank has been active in promoting international exchanges and cooperation, expanding the scope and depth of China’s trade cooperation with other countries, and “supporting the win-win strategy of opening up , thus contributing to efforts to promote common development, growth and building a harmonious world “, according to its officials.
