Funding agreement for Salam – New Administrative Capital train to be signed in January

CAIRO – 28 December 2018: Minister of Transport Hesham Arafat said in a statement that multiple meetings have been conducted with Exim Bank of China to organize a funding deal for the for Salam – New Administrative Capital – 10th of Ramadan electric train.

With a cost of $1.2 billion, the train will cover 67 kilometers over 11 stops.

The Minister also revealed that the meetings have been very fruitful and have led agreements on several key points in the deal, announcing that the executive agreement is expected to be signed with the President of Exim Bank during the first half of January. He also pointed out that the Egyptian and Chinese sides had signed a framework agreement to raise the loan to $1.2 billion, instead of the previously agreed upon $ 739 million.

The Minister of Transport also added that all the works related to the transfer of utilities from water, drainage, electricity and other projects have been completed. All the studies and designs of the project have also been completed, as well as the completion of all the coordination procedures for providing the required areas and land for the project.

Construction work and project establishment is expected to start immediately after the signing of the loan contract, according to the minister, who also pointed out that the train is expected to be completed via five Egyptian contracting companies, noting that these companies will implement the civil work and the rail and fences while the Chinese company will start the work of signals and communications and control.

For his part, Deputy for the Miister of Transort Amr Shaat, who also holds the position of Acting Director of the National Tunnel Authority, explained that the train is designed to go at a speed of 120 kilometers per hour.