Egypt, South Korea Ink EUR 243 mn Deal for Cairo Metro Line III

Egypt, South Korea Ink EUR 243 mn Deal for Cairo Metro Line III

Egypt signed an agreement with South Korea for the procurement and manufacturing of 32 air-conditioned metro trains worth  EUR 243 mn for Cairo Metro Line III, Invest-Gate reports.

Egyptian Minister of Investment and International Cooperation Sahar Nasr and South Korean Ambassador to Egypt Yoon Yeocheol signed the deal on Sunday, August 26, in the presence of Egypt’s Minister of Transport Hisham Arafat, according to a ministerial statement.

The purchase from railway vehicle manufacturing company Hyundai Rotem will be financed through an EUR 243 mn loan from South Korea at an interest rate of 0.1%, which will be repaid over 33 years following a 20-year grace period, Arafat said during the signing ceremony.

He emphasized that it is the first time for the local component in the trains to reach about 30%, adding that the first four trains will be delivered by the end of 2019, while the rest will come into operation at a rate of one train every month.

The third stage of the metro line is 17.7 kilometers and encompasses 15 stations, while the fourth stage is 11.5 kilometers and comprises 10 stations.

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