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)