Egypt Watch

Al-Sisi signs a €350 million loan to develop the subway

August 18, 2019

The official gazette published on Thursday Republican Decree No. 76 of 2019, with the approval of President al-Sisi, a government agreement with the European Investment Bank on a project to develop and renovate the subway under which the bank will provide a loan to Egypt worth €350 million.

The project aims to develop and renovate the Cairo subway, improve long-term metro services, increase transport capacity, ease traffic congestion, and enhance public transport in Greater Cairo.

The Ministry of Transport is the beneficiary of the project, which will be implemented by the Tunnels Authority.

Last Thursday al-Sisi signed another agreement with the same bank to borrow €213 million for a sewage treatment project.