Egypt's Trade, Public Enterprise Ministers discuss providing textile factories with raw materials    Egypt, Russia demand Israel end bloodshed in Occupied Palestinian Territories    Remittances to Egypt increase 11% to high of $30bn in 2020: World Bank    Egyptian, US navies hold joint exercises in Red Sea    Egypt sets up extensive contacts to halt Israeli attacks on Palestinian territories    Sudan pledges to investigate killing of 2 protestors during peaceful sit-in    Grand Egyptian Museum finishes installing Tutankhamun's 3rd shrine    Egypt discovers several ancient tombs in Sohag's Al-Hamdiya necropolis    BSH International reviews expansion strategy in Egyptian market    Egypt scales up readiness of hospitals nationwide for Eid Al-Fitr holidays    Egyptian hospitals in Sinai on alert amid Israeli aggression on Gaza    Egypt announces Thursday 1st day of Eid Al-Fitr    Nuweiba: Egypt's paradise of serenity    Global economic recovery to improve debt service coverage ratios: Moody's    Egypt's current account deficit jumps to $7.6 bln in 1H of FY2020/21: CBE    Egypt's trade deficit down 1.2% to $3.34bn in February 2021: CAPMAS    Egypt raises readiness at university hospitals for Eid Al-Fitr holidays    Egypt's Parliament discusses abolishing imprisonment for female debtors    India signs an agreement to buy 300,000 doses of Remdesivir from Eva Pharma    Egypt will locally manufacture first 2m Sinovac vaccine doses by June-end    2021 South East European Film Festival celebrates cinematic diversity of 18 countries    Turkey seeks to restore 'historic unity' with Egyptian people: Erdogan    Elneny's Arsenal targets 'remontada' in Europa League semi-finals    Zamalek eye return to victories at expense of Smouha in Egyptian Premier League    Al Ahly face injuries as they take on Al Ittihad Alexandria    Egypt buys 30 Rafale fighter jets from France    Direct flights between Russia and Egypt will resume in June, Ambassador    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Blinken presses Ethiopia's Abiy to ensure full withdrawal of Eritrean troops from Tigray    Forces opposed to Somali president control parts of Mogadishu    Nine people executed in Egypt over Kerdasa police killings in 2013    UEFA investigating Ibrahimovic's alleged ties to betting company    61 doctors died from coronavirus since start of April: Egypt's medical syndicate    Egypt targets 5.6% inflation rate in FY2020/21, 6% in FY2021/22    Egypt allocates EGP 132 bln to modernise railway system: Transport minister    Real Madrid not thinking about any Super League sanctions: Zidane    Total declares force majeure on Mozambique LNG after attacks    All the winners at the 93rd Academy Awards    Egypt's Ahly granted approval to build new stadium on Cairo outskirts    Aswan Int'l Women's Film Festival dedicates 5th edition to Kawthar Heikal    BREAKING: Egypt's information minister Osama Heikal resigns amid parliamentary criticism    'War was not Egypt's aim, but peace was the ultimate goal,' Sisi says on Sinai Liberation Day anniversary    Factbox: Key nominations for the 2021 Academy Awards    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt, France ink €50 mln agreement for Cairo Metro Line 1 renovation
Published in Ahram Online on 14 - 06 - 2020

Egypt's Ministry of International Cooperation has signed an agreement contract with Agence Française de Développement (AFD) to finance a project to renovate the Cairo Metro's first line.
The agreement was inked on Sunday by Minister of International Cooperation Rania Al-Mashat and AFD Country Director Fabio Grazi under Egypt's multilateral cooperation framework among development partners, which brings together the AFD, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).
Minister Al-Mashat revealed that the project aims to renovate and modernise the 44km north-south Cairo Metro line, which intersects with Line 2 and Line 3.
The project, through an overhaul of systems and infrastructure, is intended to sustain efficient, operational service of Cairo Metro Line 1 through a period of continued network expansion and increased demand, according to the statement.
“Multilateralism in line with the sustainable development goals is key in advancing a more resilient economy. This project demonstrates inclusive stakeholder engagement between the government of Egypt and its multilateral and bilateral development partners to enhance transportation infrastructure, enabling connectivity, and in turn, productivity,” Al-Mashat said.
The agreement contributes to achieving four Sustainable Development Goals (SDGs): SDG 8: Decent Jobs and Economic Growth, SDG 9: Industrial Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities and SDG 17: Partnerships for Goals, according to Al-Mashat.
Minister of Transportation Kamel El-Wazir said that the signed agreement brings the total funding allocated to the renovation of the Metro Cairo's first line to €605 million, adding that the EBRD provided €205 million, the EIB provided €350 million, with an additional €145 million allocated from the state budget.
Ambassador of France to Egypt Stéphane Romatet said that the agreement is significant for both countries, as it exhibits a new phase of the historical partnership between France and Egypt over the Cairo Metro Project that has extended for more than 30 years.
AFD Country Director for Egypt Grazi declared that the AFD is committed to act as an international leader in promoting inclusive and sustainable infrastructure investments in the agency's partner countries.
“Thanks to the signing of the Cairo Metro Line 1 project in Egypt, the AFD reaffirms its leadership and full support to the Egyptian authorities to improve the efficiency of urban transport systems in major agglomerations, ultimately fostering social inclusiveness, productivity growth and quality of life in a sustainable way for the Egyptian citizens,” he added.

Clic here to read the story from its source.