Development financing agreements worth $1.6bn were signed, on Monday, to finance infrastructure projects in Egypt, aligned with the UN’s Sustainable Development Goals (SDGs).
The signing of the agreements was witnessed by Egypt’s Ministry of International Cooperation, and will work toward connecting several districts of Cairo with the New Administrative Capital (NAC).
They are being implemented with the aim of fostering economic development and empowering citizens, by providing affordable transport and equitable access to opportunities for all.
The signing event took place during the TransMea 2020 Transport Technology Conference in the presence of: Minister of International Cooperation Rania Al Mashat; Minister of Transportation Kamel El-Wazir; China’s Ambassador to Egypt Liao Liqiang; and Japan’s Ambassador to Egypt Masaki Noke.
The first agreement, worth $400m, was signed in partnership with the Japan International Cooperation Agency (JICA) to finance the “Phase One of Establishing Cairo Metro Line 4” project. This will connect the 6th of October and Giza districts with Cairo and the NAC, and will target 1.3 million passengers a day.
The second agreement, worth $1.2bn, was signed in partnership with the Export-Import Bank of China to finance the Electric Train project between the 10th of Ramadan city and the NAC. This project will connect Greater Cairo, the Industrial Zones in 10th of Ramadan with the NAC located in eastern Cairo, and will target 60,000 passengers per hour.
Minister Al-Mashat said that these projects carry much significance in terms of driving Egypt’s inclusive economic growth and empowering Egyptian citizens across the country. It will connect remote areas of the country with bigger cities and business districts, and provide more job opportunities.
The Minister added that the projects also engage with the private sector such as Mistubishi, Orascom, and Talis Consortium in the Cairo Metro Line 4 project, as well as the CREC Chinese Consortium in the electric train project.
Al-Mashat added that these projects come under her ministry’s Global Partnerships Narrative, which are: people at the core, projects in action, and purpose as the driver.
She said that the projects primarily aim to unlock the potential of Egyptian citizens and improve their quality of life. They are carefully aligned with the UN’s 17 Sustainable Development Goals (SDGs), to achieve better and more sustainable outcomes.
In line with the SDGs, the project achieves: Goal 8 for Decent Work and Economic Growth; Goal 9 for Industry, Innovation and Infrastructure; Goal 10 for Reduced Inequalities; Goal 11 for Sustainable Cities and Communities; Goal 13 for Climate Action; and Goal 17 for Partnerships for the Goals.
Last week, Minister Al-Mashat announced that the Ministry of International Cooperation succeeded in securing $7.3bn in development financing. This comes despite the COVID-19 pandemic, with the financing going towards supporting healthcare, education, entrepreneurship, green recovery, gender equality and infrastructure.