National Authority for Tunnels, Export-Import Bank of China to sign USD1.2bn loan next Month
The National Authority for Tunnels (NAT) will sign an agreement with the Export-Import Bank of China to build an electric rail line to link Salam City, 10th of Ramadan City and the New Administrative Capital. The bank agreed to add an additional USD500mn tranche to cover the full cost of the project, after an original plan to cover USD739mn of the cost, while the state would cover the rest. In Aug 2017, China AVIC signed an agreement to deliver communication and signaling systems for the project, as well as 20 locomotives. Infrastructure for the deal will be carried out by a consortium of Egyptian construction firms, including Petrojet, Arab Contractors and Orascom Construction.
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