The European Investment Bank (EIB) eyes financing the monorail project that will link Greater Cairo to the New Administrative Capital (NAC), Invest-Gate reports.

The finance will be provided in collaboration with the European Bank for Reconstruction and Development (EBRD) and UK Export Finance, Transport Minister Kamel El Wazir said in an official statement stated on July 3.

Earlier in May, El Wazir inspected the commencement of the civil works of the monorail project, which is set to be implemented over 24 months.

As for upgrading the Cairo Metro’s second line, EIB will provide the required finance for the feasibility study amounting to EUR 1.2 mn after signing the cooperation agreement with the Egyptian government, the minister added in the statement.