CAIRO, August 26, 2018 (MENA) - Transport Minister Hisham Arafat witnessed the inking of a framework agreement on manufacturing 32 air-conditioned trains for the third and fourth stages of the Cairo Metro Line 3. Egyptian Investment Minister Sahar Nasr and South Korean Ambassador to Egypt Yoon Yeo-cheol signed the deal on Sunday. The 76-month contract is between the National Authority For Tunnels and the Korean company Hyundai Rotemm, Arafat said in a statement on Sunday. The contract is funded by a 243-million-euro soft creditline from Korea's Export-Import Bank of Korea (Korea Eximbank) to serve this deal. The interest rate of the creditline is 0.1 percent and will be re-paid in 33 years with a grace period of 20 years. The executive agreement of the loan will be inked on Tuesday in South Korea. Arafat said that accordingly the local component in the trains will reach for the first time about 30 percent, noting that Egypt will get the first four trains with the inauguration of the fourth stage of the Metro Line 3 by the end of 2019, then Egypt will get one train every month. The third stage of the metro line is 17.7 kilometers and includes 15 stations, while the fourth stage is 11.5 kilometers and includes 10 stations.
