Arab Bank, Orascom inks EGP 4.2 bln Cairo Metro construction deal

Ahram Online , Tuesday 16 Jan 2024

The Arab Bank has signed an EGP 4.2 billion (nearly $136 million) agreement with mega company Orascom Construction to implement the fourth phase of Cairo Metro's fourth line, according to statement by the bank on Tuesday.

File photo: Cairo underground metro s third line (photo: Al-Ahram)
File photo: Cairo underground metro s third line (photo: Al-Ahram)


The fourth phase will connect Giza and Fustat in Old Cairo, and intersect the metro’s first and second lines.

Work on the fourth phase is planned to span over six years.

The bank expects that the project will not only alleviate traffic congestion but also lead to a reduction in harmful emissions from traffic, as per the statement.

The first phase of the fourth line will connect 6 October City to Fustat in Old Cairo, while the second phase will connect the line to Nasr City and New Cairo. The third phase will connect New Cairo to the New Administrative Capital Airport.

The project is being implemented in cooperation between the Egyptian and Japanese governments, as Japan has provided several financing tranches to complete the project.

The construction work for fourth line is also being carried out by various leading construction companies, including Orascom.

The 42-kilometre fourth line will have the capacity to transport two million passengers daily when operational.

The Cairo Metro, a vital transportation artery in the Greater Cairo area, serves over 3.5 million commuters each day.

Expanding the metro system forms an integral part of the government's broader plan to modernize the country's railway infrastructure.

In early 2024, Egypt’s Ministry of Transport implemented a ticket price adjustment for the three-line Cairo Metro, with fares increasing by EGP 1-2.

Since its establishment in 1944, Arab Bank has been operating in Egypt and has 44 branches across the country.

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