In this Sept. 13, 2014 photo, Egyptians depart at the Shohadaa (Martrys) metro station, in Cairo, Egypt (AP)
Egypt signed a 100 million euro loan agreement with the European Bank for Reconstruction and Development (EBRD) on Tuesday to upgrade Cairo's second metro line.
The loan will be used to finance the procurement of 13 new trains to be operated on line 2 of the Cairo Metro under a supply and maintenance contract, boosting the capacity of the metro line by some 23 percent according to the EBRD’s press release on Tuesday.
The deal was signed by International Cooperation Minister Sahar Nasr at MEED's Egypt Mega Projects Conference in Cairo on Tuesday.
According to an earlier statement on the EBRD website, it is an 18-year sovereign loan to finance the purchase of the trains as well as "a portion of the long-term outsourced maintenance contract for Line 2's entire fleet covering mainly the spare parts and equipment."
The EBRD has invested more than 1.4 billion euros in Egypt in 30 projects since 2012, in sectors such as natural resources, finance, agribusiness, manufacturing and services, infrastructure, and transport, according to the statement.