Last Update 23:13
Monday, 23 April 2018

France to fund new trains for Egypt's metro

The French government is not stranger to funding Cairo's metro, providing loans for construction from 1979 to 2012

Ahram Online , Sunday 14 Dec 2014
Egypt
Egypt's third metro line (Photo: Al-ahram)
Share/Bookmark
Views: 3674
Share/Bookmark
Views: 3674

The Egyptian government signed a €344 million ($428.7 million) agreement on Sunday with France's ambassador to Cairo to fund the purchase of sixty-four trains for the third and fourth metro lines.

The French government will provide Egypt with €172 million ($214.4 million) in a concessional loan to be repaid in 53 years with a 20 year grace period at an annual interest rate of 0.1 percent. The second half of the loan will come in the form of credit facilities by French credit company, Coface.

France has already funded the construction of Egypt's three metro lines from 1979 to 2012, with loans amounting to around €1.2 billion, international cooperation minister, Naglaa El-Ahwany, said in a press release following the signing of the deal.

France's net foreign direct investments in Egypt were $347.4 million in fiscal year 2013/14 while the volume of trade between the two countries was $3.1 billion in the same period, according to Egypt's central bank.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
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.
1



Aly Sadek -Toronto-Canada
14-12-2014 11:51pm
0-
3+
EGYPT..
... THANKS FRANCE....MERCI BEAUCOUP....France has already funded the construction of Egypt's three metro lines from 1979 to 2012..WE DON'T FORGET..THANKS AGAIN
Email
 
Name
 
Comment's Title
 
Comment
Latest

© 2010 Ahram Online.