Minister of International Cooperation Rania Al-Mashat has signed a EUR 50 mn (EGP 912.6 mn) agreement with Agence Française de Développement (AFD) to finance the upgrading of Cairo Metro Line I, Invest-Gate reports.

Under this deal, the 44-kilometer north-south Cairo Metro line, which intersects with Lines II and III, will be renovated and modernized, Al-Mashat highlighted in a recent ministerial statement.

This will include an overhaul of line systems and infrastructure, as well as a related purchase of new rolling stock under separate funding; together with maintaining the efficiency of operational services during the revamp, the minister further revealed.

On his part, Transport Minister Kamel El Wazir pointed out that the deal brings the total funding earmarked to the renovation of Cairo Metro Line I to EUR 605 mn (EGP 10.94 bn).

Several grants were also provided by the European Bank for Reconstruction and Development and European Investment Bank (EIB), standing at merely EUR 205 mn (EGP 3.74 bn) and EUR 350 mn (EGP 6.38 bn), respectively; with an additional EUR 145 mn (EGP 2.64 bn) allocated from the state budget, El Wazir added.

Besides, the move contributes to achieving four Sustainable Development Goals (SDGs): SDG 8: Decent Jobs and Economic Growth, SDG 9: Industrial Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities, and SDG 17: Partnerships for Goals, according to Al-Mashat.

“This project demonstrates inclusive stakeholder engagement between the government of Egypt, along with its multilateral and bilateral development partners, to enhance transportation infrastructure, enabling connectivity, and in turn, productivity,” the minister concluded.