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Saturday, 24 October 2020

Egypt, France ink €50 mln agreement for Cairo Metro Line 1 renovation

Doaa A.Moneim , Sunday 14 Jun 2020
Cairo Metro
Line 1 of Cairo Metro (Photo: Al-Ahram)
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Egypt’s Ministry of International Cooperation has signed an agreement contract with Agence Française de Développement (AFD) to finance a project to renovate the Cairo Metro’s first line.

The agreement was inked on Sunday by Minister of International Cooperation Rania Al-Mashat and AFD Country Director Fabio Grazi under Egypt’s multilateral cooperation framework among development partners, which brings together the AFD, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

Minister Al-Mashat revealed that the project aims to renovate and modernise the 44km north-south Cairo Metro line, which intersects with Line 2 and Line 3.

The project, through an overhaul of systems and infrastructure, is intended to sustain efficient, operational service of Cairo Metro Line 1 through a period of continued network expansion and increased demand, according to the statement.

“Multilateralism in line with the sustainable development goals is key in advancing a more resilient economy. This project demonstrates inclusive stakeholder engagement between the government of Egypt and its multilateral and bilateral development partners to enhance transportation infrastructure, enabling connectivity, and in turn, productivity,” Al-Mashat said.

The agreement contributes to achieving four Sustainable Development Goals (SDGs): SDG 8: Decent Jobs and Economic Growth, SDG 9: Industrial Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities and SDG 17: Partnerships for Goals, according to Al-Mashat.

Minister of Transportation Kamel El-Wazir said that the signed agreement brings the total funding allocated to the renovation of the Metro Cairo’s first line to €605 million, adding that the EBRD provided €205 million, the EIB provided €350 million, with an additional €145 million allocated from the state budget.

Ambassador of France to Egypt Stéphane Romatet said that the agreement is significant for both countries, as it exhibits a new phase of the historical partnership between France and Egypt over the Cairo Metro Project that has extended for more than 30 years.

AFD Country Director for Egypt Grazi declared that the AFD is committed to act as an international leader in promoting inclusive and sustainable infrastructure investments in the agency’s partner countries.

“Thanks to the signing of the Cairo Metro Line 1 project in Egypt, the AFD reaffirms its leadership and full support to the Egyptian authorities to improve the efficiency of urban transport systems in major agglomerations, ultimately fostering social inclusiveness, productivity growth and quality of life in a sustainable way for the Egyptian citizens,” he added.

 
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