Arab Bank has recently signed a collaboration agreement with Orascom Construction, wherein the bank will provide financing of EGP 4.2 bn to implement the fourth phase of the Grand Metro 402 project, Invest-Gate reports.

The Grand Metro 402 project is a significant and environmentally friendly initiative aimed at developing the transportation sector in Egypt, contributing to easing traffic congestion and reducing harmful emissions from traditional transportation methods.

Moreover, through this agreement, Orascom will initiate the fourth phase of the Grand Metro project, connecting the Giza and Fustat areas and linking them to the first and second lines of the existing metro.

Furthermore, the project is expected to take approximately six years, starting its implementation in 2023.

Commenting on the agreement, Ahmed Ismail Hassan, Arab Bank’s Country Manager in Egypt, stated, “At Arab Bank, we consistently strive to provide the necessary financing and banking facilities for sustainable strategic projects that contribute to the development of vital sectors and accelerate sustainable economic growth.”

Hassan added, “The Grand Metro project is one of the most important sustainable green mass transit projects, with a positive impact on environmental conservation, reducing pollution, and achieving a qualitative leap in the public transportation system.”

Notably, Orascom Construction is a leading global engineering and construction company focusing on infrastructure, industrial, and commercial projects in the Middle East, Africa, and the United States.