1st French-Egyptian start-up competition to be launched Nov. 6



Thu, 31 Oct 2019 - 10:44 GMT


Thu, 31 Oct 2019 - 10:44 GMT

Competition - CC via Pixabay/F1Digitals

Competition - CC via Pixabay/F1Digitals

CAIRO - 30 October 2019: The first French-Egyptian start-up competition will be launched on November 6 by the French Embassy in Egypt, the Ministry of Communication and Information Technology and the Central Bank of Egypt.

The goal of the competition is to identify the Egyptian startups having high growth potential and provide them with the necessary support so they become future leaders of digital transformation.

French companies are currently constructing - within a consortium - Greater Cairo’s fourth phase of the third metro line, the parallel line between old and new Marg stations, and the Cotesca workshop at the first line.

The Egyptian Railway Authority (ERA) and the French National Railway Company are cooperating on a safety system in the rail line stretching from Giza to Beni Suef. There is also cooperation with Alstom to introduce electric signals in the Beni Suef - Asyut line, while Thales Group is accomplishing the electric signal in the lines of Cairo-Alexandria, and Asyut-Sohag-Nagaa Hamady. The progress in all those projects follows the set timeline.

A contract with a French consulting firm will be finalized soon to carry out studies pertinent to a prospective project to develop Abou Kir metro line in Alexandria.

In 2015, the National Authority for Tunnels signed a contract with Vinci SA, Bouygues Travaux Publics S.A.S., Orascom, and Arabco to construct the fourth phase of Greater Cairo’s third metro line, as reported by Ahram Online.

That phase consists of five stations and extends over 5 kilometers between Heliopolis' Haroun station and Al-Nozha 1. Alstom is in charge of accomplishing the signaling system while Colas, Thales, and Orascom are assigned the electromechanical work. Orascom along with Oravia are executing the railway tracks.

In December 2017, Egypt and France signed a €344 million agreement to finance the purchase of 64 trains for the third and fourth metro lines. France is providing Egypt with a €172 million concessional loan that will be paid back over 53 years with a grace period of 20 years and an annual interest rate of 0.1 percent. The second half of the loan will be in the form of credit facilities by French credit company Coface.

France had financed the construction of Greater Cairo’s three metro lines completed between 1979 and 2012, with loans amounting to around €1.2 billion.



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