Sisi approves €1.88-loan facility agreement for "Monorail"

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Thu, 15 Apr 2021 - 02:10 GMT

FILE - Monorail

FILE - Monorail

CAIRO – 15 April 2021: The Egyptian Gazette published in its issue, on Thursday, Presidential Decision No. 642 of 2020 regarding approval of a term loan facility agreement worth €1.88 billion between the National Authority for Expenditure, GBMorgan Europe Limited and GBMorgan Chase NA, the London branch, and other financial institutions, which was signed on August 13, 2020.

 

The decision stipulated the allocation of the loan to finance the operation of the Monorail train in the New Administrative Capital, which starts from Nasr City to the New Administrative Capital, and the Monorail train in 6th of October City, which starts from 6th of October City in Cairo, and operates and maintains them for a period of 15 years.

 

The House of Representatives approved this loan in its session held on December 15, 2020.

 

A major monorail project set to be implemented in the New Administrative Capital, east of Cairo, as well as Giza’s 6th of October city is considered to be a qualitative boost to the transportation field.

 

The promising national project with a total length of 98.5 kilometers, comprising 34 stations. The project is set to be inaugurated in 2023.

 

The first monorail line will extend from Nasr City to the New Administrative Capital. This line is 56.5 kilometer long and comprises 22 stations. The project has been implemented over the course of 34 months.

 

The second line extends from the industrial zone in the 6th of October City to Giza’s Al-Mohandessin district. The project, comprising 12 lines, is scheduled to take 42 months to be finished starting January 2020.

 

Both lines are implemented through a consortium that includes the Canadian Bombardier Transportation and Egypt’s Orascom and Arab Contractors construction companies, in addition to the ministries of transportation and housing and the National Authority for Tunnels.

 

The Ministry of Transportation and Bombardier signed contracts of both monorail lines in August 2019 in the presence of Prime Minister Mostafa Madbouli.

 

The project would cost up to 2.5 billion euros.

 

The maximum capacity for transportation for both lines is 45,000 passengers per hour in each direction.

 

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