Egyptian President approves loan for monorail lines

The agreement was by the National Authority for Tunnels, JP Morgan Europe Limited, JPMorgan Chase Bank N.A., London Branch, and other financial institutions

  
Construction machine works at the site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019. Image used for illustrative purpose.

Construction machine works at the site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019. Image used for illustrative purpose.

REUTERS/Shokry Hussien

Cairo –  Egyptian President Abdel Fattah El-Sisi issued decree no. 642 of 2020 for the approval of a EUR 1.88 billion loan agreement to finance the construction of two monorail lines, the Middle East News Agency (MENA) reported on Thursday.

The agreement was signed on 13 August 2020 by the National Authority for Tunnels (NAT), JP Morgan Europe Limited, JPMorgan Chase Bank N.A., London Branch, and other financial institutions.

The loan will finance the construction, operation, and maintenance of two monorail lines in the Sixth of October City and the New Administrative Capital over 15 years.

Source: Mubasher

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