House of Representatives approves €250m loan from EBRD

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On Monday, the House of Representatives approved a €250m loan from the European Bank for Reconstruction and Development to finance the Greater Cairo Metro Line 2 rehabilitation project. The loan is set to provide the necessary financing for the development and upgrading of the line, in line with the government’s strategy towards a greener and more sustainable future.

The development project aims to replace old equipment with electromechanical ones and replace signalling, central control, communications and fire systems. Also, it aims to reduce queuing time, and operation and maintenance costs, develop and modernize operational units, and achieve higher levels of safety. Egypt’s external debt rose to $157.8 billion in March from $145.5 billion in December, an increase of about $12.3 billion in three months.

Official data indicates that the total debt since President Abdel Fattah al-Sisi came to power in 2014 has increased by more than $115 billion. Egypt’s debt equalled about 35.5% of the total debt of the Middle East and North Africa region in 2020, compared to 19% in 2010 and 25% in 2016.