Iran dismisses Trump report that US Navy downed "provocative" drone    Egypt's PM holds talks with UNIDO representative on developing industry    American warship destroys Iranian drone in Strait of Hormuz    Egypt tells citizens that Saudi e-visa not meant for hajj    Eriksen trains alone on Spurs pre-season tour    Arsenal's Emery talks up leadership role for Holding amid Koscielny doubt    Rondon links up with Benitez at China's Dalian Yifang    Sudan protesters take over square where Bashir challenged uprising    Algerian team came to Cairo to win AFCON title: Djamel Belmadi    Nexign, Giza Systems agree to accelerate African telcos' digital transformation    Egypt, Uzbekistan study establishing pharmaceutical plant    Maintaining or starting exercise in middle age means longer life    Unbowed, U.S Trump intensifies attacks on 4 Democratic congresswomen    From Iraq to Yemen, drones raise U.S. alarm over Iranian plans    Peace with Egypt must be made: Turkey's main opposition leader    Air-to-air missile seized in Italy was sold 25 years ago: Qatar    Iran's navy tows foreign oil tanker with technical failure in Arab Gulf    NBE's mortgage finance portfolio exceeds EGP 7bn end-June    Belgium's Port of Antwerp to develop bunkering activity in Egypt    King Tut's golden coffin undergoes first restoration since 1922 discovery    Changing dominant narrative of women on stage    IMF to hand Egypt's final tranche of $12bn July 24 – PM    Mainland Chinese markets fall amid renewed threat to trade    Crude futures firm as U.S. stockpiles of oil products gain    Explorations of music, sound, architecture of Islamic Cairo and everyday life    Farewell to Italy's best-loved writer Andrea Camilleri    Parliament Speaker announces end of fourth legislative term    Total of 59,455 expats in Egypt have undergone virus C screening    Renovation of Egyptian Museum to include installing new lighting, display systems    Kenya eyes partnership with Egypt's energy sector: Minister    Parliament approves new NGOs draft law amid members' rejections    Egypt prosecution releases transgender woman detained on terrorism related charges    Egypt's parliament starts new NGO law discussion    Cairo hosts 6th meeting of Egyptian-Sudanese military committee    Egypt's parliament Oks new NGO law    Egypt's parliament's 5th convocation sessions to be aired live: Parliament speaker    Egypt's parliament approves new NGO law    4th convocation of parliament concluded    Egypt inaugurates museum to honor late novelist Naguib Mahfouz    Egypt to sue following sale of $5.97mn Pharaoh Tutankhamun statue    Cervantes Institute celebrates summer cinema in Cairo    Bookmakers expects Egypt's Mo Salah might miss the year's Ballon D'or award    Fired MP detained pending investigations over corruption charges    Egypt arrests founder of pro-Mubarak Facebook page – source    Egypt sees national population growth rate to halve before 2052    AFCON quarter-finals: Desert Warriors face Ivorian Elephants in early final    Orange Egypt removes Warda from ad campaign after harassment case    Hassan Shehata slams Egyptian team, EFA following AFCON exit    

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

Egypt signs $1.2bn worth agreement with Exim Bank of China to finance 1st electric train
Signing ceremony was witnessed by Prime Minister Moustafa Madbouly
Published in Daily News Egypt on 17 - 01 - 2019

An agreement was signed on Wednesday between the Chairperson of the National Authority for Tunnels (NAT), Ahmed Fouda, and the Vice Chairperson of the Export-Import Bank of China (Exim Bank), Chi Ping, to provide a facilitated loan of $1.2bn for the implementation of Egypt's first electric train.
The signing ceremony was witnessed by the Prime Minister Moustafa Madbouly, the Minister of Investment Sahar Nasr, and the Minister of Transport, Hesham Arafat.
The new railway will link the 10th of Ramadan City on the outskirts of Cairo to the New Administrative Capital. It will target the new cities of El Salam, El Obour, El Shorouk, Al Mostakbal, Al Roubiki, and the New Administrative Capital.
Following the signing, Arafat said that the project will include 11 stations and serves 350,000 people, noting that the existing railway services 1.1 million people.
The bank has agreed on a loan of $1.2bn, of which $739m with 1.8% interest rate are for infrastructure and $461m with 2% interest rate are for the trains, to be paid over 15 years with a 5-year grace period. The minister pointed out that the loan agreement was signed in September 2018 during the visit of President Abdel Fatah Al-Sisi to China.
Arafat stressed that the speed of the train will reach 120km/h, and the length of the railway is 67.8km, including 60km of flat area, 7.5km of bridges, and 0.3km of tunnels. The new railway will start from Adly Mansour exchange station that intersects with the Metro Line 3, crossing all the way through the Cairo-Ismailia desert road to Al Rubiki city. There, it will branch into two parts. One will head North alongside the regional ring road, serving the 10th of Ramadan City, and the other will head south from Al Rubiki station to the New Capital. In the second phase, the line is planned to extend to the Sports City at the intersection of Ain Sukhna road with the regional ring road, making the line's length 93km.
The minister explained that this agreement came after long negotiations over the method of operating the new line for it to be different from the old one, in order to avoid the intersections and lanes that exist in the current railways. The new system of railways will rely on bridges and tunnels to avoid the mistakes of the past 70 years.

Clic here to read the story from its source.