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Arab Finance: The European Investment Bank (EIB) has financed the construction of Cairo Metro Line 3 with €600 million, according to an emailed press release on July 3rd.
The third line project was also supported by €300 million in financing from Agence Française de Développement (AFD) and a €43 million grant from the European Union (EU).
These announcements were made on the sidelines of the inauguration of the new Cairo Metro Line 3 at Adly Mansour Station, where the Vice President of EIB Gelsomina Vigliotti joined a group of Egyptian leaders and international financing institutions to welcome the completion of the new metro line.
“Line 3 is a model for sustainable transport in global cities that will improve access to jobs and education, cut pollution and reduce carbon emissions,” Vigliotti said.
Cairo Metro Line 3, which represents the largest transport investment by the EIB in Africa, will improve urban mobility and mitigate traffic congestion in Egypt. It will serve over 20 million residents of Cairo.
The project is expected to contribute to Egypt’s sustainability and green endeavors.
In May 2021, Egypt and the EIB signed an agreement for €1.1 billion in financing for the metro and tram projects in Cairo and Alexandria.
