Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
International Relation

China, Egypt ink loan agreement on electric railway construction

January 18, 2019


Abstract : The Export-Import Bank of China (EIBC) recently inked a loan agreement with the National Authority for Tunnels of Egypt to offer loans in the amount of 1.239 billion U.S. dollars to an electric railway project in Egypt, yidaiyilu.gov.cn reported...

BEIJING, Jan. 18 (Xinhua) -- The Export-Import Bank of China (EIBC) recently inked a loan agreement with the National Authority for Tunnels of Egypt to offer loans in the amount of 1.239 billion U.S. dollars to an electric railway project in Egypt, yidaiyilu.gov.cn reported on Thursday.

It is noted that the railway project is a two-line electric light rail connecting Cairo metropolitan area, 10th of Ramadan City and the New administrative capital in Egypt, according to Egyptian official.

The 66-km light rail line is expected to carry 350,000 passengers on a daily basis with an average speed of 120 km per hour.

Under the agreement, the loan will be applied for the construction of light rail trains as well as relevant infrastructures, which is expected to relieve the traffic pressure in Cairo, and facilitate the commuting of residents in Cairo's satellite city, according to Hesham Arafat, Minister of the Ministry of Transportation in Egypt.

Governments of the two countries have paid high attention to it since the framework agreement about the project was signed in 2014. The project was included in the list of the priority projects under China-Egypt capacity cooperation, according to the Chinese embassy in Egypt.

The signing of the agreement also marks a major achievement in practical cooperation between China and Egypt under the Belt and Road Initiative. (Edited by Jiang Feifan)

Scan the QR code and push it to your mobile phone

Keyword: International-cooperation China-Egypt

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial