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AFD, Egypt sign financing agreement for Cairo Metro Line 1 renovation - Daily News Egypt

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AFD, Egypt sign financing agreement for Cairo Metro Line 1 renovation

The agreement was signed in the presence of Egypt’s Minister of Transportation Kamel El-Wazir and France’s Minister of Transport Jean-Baptiste Djebbari,.


The Egyptian Government and the Agence Française de Développement (AFD) signed a financing agreement, on Sunday, for the renovation project of the Cairo Metro’s Line 1.

The agreement was signed in the presence of Egypt’s Minister of Transportation Kamel El-Wazir and France’s Minister of Transport Jean-Baptiste Djebbari,.

The project, which will receive a total loan of €50m from the AFD, aims to renovate and modernise the systems and equipment used by the line. It also looks to improve the line’s capacity and performance, whilst enhancing the quality of the service to Egyptian citizens.

The project is co-financed by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

The Egyptian Government has placed the strengthening and extension of Cairo’s urban transportation network among its priorities, in connection with a strong existing and future mobility demand.

As new metro lines are under construction, the 44km-long Line 1 is aging, having been in service since 1987.  It is also the most heavily used of the Cairo Metro’s network, carrying between 1.4 and 2 million passengers every day, and is a key transportation method in the Egyptian capital.

French Ambassador to Egypt Stephane Romatet said, “Thanks to the signing of the Cairo Metro line 1 project, France reaffirms its leadership and full support to the Egyptian authorities to improve the efficiency of urban transports systems in major agglomerations, ultimately fostering social inclusiveness, productivity growth, and quality of live in a sustainable way for the Egyptian citizens.”

Fabio Grazi, AFD Country Director for Egypt, said, “This operation confirms our commitment to playing a leading role in supporting the development of Egypt’s transportation sector.”

“To date, the total loan amount allocated by the AFD to the sector is €450m, and includes mobilisation of financial resources for the realization of major infrastructure projects like, such as Cairo Metro line 3 and the Alexandria Raml tramline,” he added, “Moreover, the AFD provides Egypt’s Ministry of Transportation with targeted technical assistance and capacity building programmes to contribute to mainstreaming sustainable development goals into transport planning and financing.”

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https://dailyfeed.dailynewsegypt.com/2020/11/25/afd-egypt-sign-financing-agreement-for-cairo-metro-line-1-renovation/
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