Egypt has inked three financing agreements with the European Investment Bank (EIB) worth €122.7 million, which were approved by parliament, Egyptian Minister of International Cooperation Rania Al-Mashat announced on Tuesday.

Al-Mashat explained that the funds will be used to finance transportation and sanitation projects, including the preparation of a feasibility study for renovating the second line of the Cairo Metro with €1.2 million to meet capacity requirements and extend its lifespan for an extra 25 years.

She also illustrated that the three agreements contribute to achieving three of the sustainable development goals (SDGs), including providing descent work, cities and sustainable communities, industry, innovation and infrastructure.

Minister Al-Mashat praised Egypt’s strategic partnership with the EIB since 1979, which has resulted in implementing several projects in various sectors in Egypt, boosting economic and social development and creating job opportunities.

According to EIB data, transport has been at the centre of the bank’s work in Egypt since its first operation in the country in 1979, when it agreed to support maritime transport, energy generation and investments by small and medium enterprises.