Chinese Soft Loan to Support the Third Phase of the Electric Train in the Administrative Capital
February 17, 202675 ViewsRead Time: 1 minutes
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The Chinese Export-Import Bank has provided a soft loan of $200 million to contribute to the financing of the third phase of the Light Rail Transit (LRT) project in Egypt, according to a document reviewed by Asharq.
The loan includes a 5-year grace period, with a repayment schedule of up to 15 years, and a concessional interest rate of 2%, with the financing to be disbursed in Chinese yuan.
The loan will be used to finance electromechanical works and communication systems in the third phase of the line, which saw the opening of the first and second phases in July 2022.
The funding will enable the Egyptian Ministry of Transport, the project owner, to contract for the purchase of 8 new trains, enhancing operational efficiency and increasing the line's capacity in the future.
The third phase covers a distance of 20.4 kilometers and includes the construction of 4 new stations as part of the light electric train project in the administrative capital.
