CAIRO – Egyptian Prime Minister Moustafa Madbouli witnessed on Monday the signing of a finance agreement between Egypt and France to manufacture and receive 55 air-conditioned trains for Cairo Metro Line 1, including maintenance work for 8 years.
The agreement was signed by Transport Minister Kamel el-Wazir and France’s Minister of the Economy and Finance Bruno Le Maire.
France’s Alstom Co. will implement the project, which will cost 776.9 million euros.
The repayment period of the loan is 40 years, including a 10-year grace period.
The interest rate of the loan is 0.0092 per cent, with the local component amounting to 13.3 per cent.
Out of the total value of the project, the Egyptian side will secure 1.183 billion pounds.
Wazir said the deal comes as part of the ministry’s plan to improve the quality of services offered to citizens.
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