Cairo – Mubasher: Egypt’s transport minister Galal Saeed requested a $1 billion loan from his South Korean counterpart Huan Kang.
The loan will be used to finance the first phase of the fifth metro line, Saeed revealed in a statement, adding that the loan will be repaid over a 33-year period.
He added that South Korea has already delivered 20 air-conditioned trains for the metro’s first line.
The Southeast Asian country’s Hyundai Rotem has entered the transportation ministry’s tender for a facilitated loan for another 64 trains for the third metro line once completed, Saeed stated.
The ministry will pick the company that provides the best financial and technical offers that benefit the country, the Egyptian minister added.
The two-stage fifth metro line’s costs total $4 billion (EGP 71.598 billion)
In March 2016, Egypt signed 5 agreements and memoranda of understanding (MoUs) with South Korea, totalling $3.1 billion during the Egypt’s president AbdelFattah El-Sisi’s visit to the Asian nation.
