EIB funds Cairo Metro line 3 by €600M

CAIRO - 3 July 2022: The European Investment Bank (EIB) financed the third line project for the Cairo metro by €600 million, according to the EIB Vice-President, Gelsomina Vigliotti.

 

Vigliotti clarified that the third line project for the Cairo metro works to transport millions of people daily, in addition to providing a faster and more sustainable means of transportation that helps reduce traffic congestion in the capital.

 

The project is also funded by the French Agency for Development (AFD) at a value of €300 million, and a grant support of €43 million from the European Union, according to a statement by the bank on sunday.

 

Earlier on Sunday, Vice President of the European Investment Bank, Gelsomina Viglioti, participated with the Egyptian government and international financial institutions in the official opening of the electric train, Adly Mansour Central Station, the largest interchange station in the Middle East, and the electric train (Al-Salam - 10th of Ramadan - the Administrative Capital).

 

Vigliotti explained that the third line of the Cairo Metro is a model for sustainable transportation in global cities that will improve access to jobs and education, reduce pollution and reduce carbon emissions.

 

"The Cairo metro line 3 is an important project to transform sustainable transport and stimulate and support climate action in the country," she added.

 

Head of the European Union delegation to Egypt, Ambassador Christian Berger said that the visit of the Vice President of the EIB to Cairo this week is a good opportunity to discuss economic plans and measures to strengthen cooperation between Egypt and Europe.

 

The third line of the Cairo Metro will improve urban mobility and reduce traffic congestion for more than 20 million people living in Cairo, as well as its contribution to improving the transport network in Cairo, which in turn enhances economic growth and makes it more sustainable and greener, and most of that, achieve urban development in Egypt.

 

In May 2021, the European Investment Bank and Egypt approved new financing of  €1.1 billion for metro and tram projects in Alexandria and Cairo.

 

The bank provided more than €1 billion last year to support the private sector, telecommunications and transport projects in Egypt.