Last Update 11:17
Monday, 18 November 2019

Egypt secures $1.2 billion from China's EximBank for electric rail to new administrative capital

Ahram Online , Wednesday 16 Jan 2019
FILE PHOTO: Northern Rail trains travelling on tracks outside Stockport railway station in Stockport, Britain, June 4, 2018. REUTERS
Views: 3404
Views: 3404

Egypt says that it has secured a $1.2 billion deal with the Export-Import Bank of China (EximBank) to finance an electric train project that will run from one of the country’s main industrial zones to its planned New Administrative Capital.

In press statements, the country’s Transportation Minister Hisham Arafat said that the deal constitutes $461 million for infrastructure and $739 million for trains.

The railway, which will cover 68km and will mostly be above ground, will connect the 10th of Ramadan City to the new administrative capital.

The railway aims to accommodate 350,000 passengers daily with a total speed 120km/hr. The loan has a 2 percent interest rate and matures in five years, Arafat said.

Five state-owned companies and three private corporations will work on the construction of the project, which Arafat said was a necessity for citizens in eastern Cairo.

Egypt announced early in 2015 its ambitious plan to construct a new metropolis 45km east of Cairo as part of the government's efforts to draw back foreign investors scared away by years of political turmoil following the 2011 popular revolt.

Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.