Egypt’s government has agreed 940 million euros ($1.2bn) worth of loans with the French Development Agency and the European Investment Bank to help fund an extension to Cairo's third Metro line.
Sunday's announcement from Egypt's Ministry of Planning and International Co-operation came after the French government last week pledged 300 million euros for the underground line.
This previously announced loan will come via the French Development Agency (FDA) and be repayable over 20 years with a seven-year grace period. The European Investment Back (EIB) will, meanwhile, contribute 600 million euros ($779.4 million) to be repaid over 25 years with the same grace period.
When complete, Cairo's third metro line will stretch 43.5 kilometres from Cairo airport to Imbaba in Giza. The third phase of the line will be18 km in length and include 15 stations, according to the ministry statement. A fourth line is due to be completed by 2019.
The agreement was signed by Egypt's Minister of Planning, Ashraf El-Araby, FDA head Dov Zerah and Tom Andersen, head of the Middle East office at EIB.