Egypt's National Authority for Tunnels signed on Wednesday a contract with the French company VINCI Bouygues Travaux Public, as well as with Orascom and Arabco, to complete the construction of the fourth phase of the third metro line in Cairo.
The new phase which includes 5 stations, which will run for 5km between Heliopolis' Haroun station and Al-Nozha 1.
Other sections in the construction of the 4th phase of the metro line will also be completed by the Bouygues Travaux Public; while Alstom will be in charge of signs and signals, with Colas, Thales and Orascom in charge of electromechanical work, while Oravia and Orascom will complete the railway tracks.
Last December, the Egyptian government signed a €344 million ($428.7 million) agreement with France who will 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 already funded the construction of Egypt's three metro lines which were built between 1979 and 2012, with loans amounting to approximately €1.2 billion.