CAIRO: An agreement to fund new stations for the Cairo Metro was signed between Egypt and the European Investment Bank (EIB) Thursday, Youm7 reported.
Minister of Transport Saad al-Geyoushi and Minister of International Cooperation signed the agreement on behalf of the Egyptian government and the National Authority for Tunnels (NAT.)
The agreement will finance the second part of the Third Phase of Cairo Metro’s Line 3. The new stations are planned to serve passengers arriving to Cairo from Ismailia, Port Said and Sharqia. As centralized as the capital is, thousands of Egyptians comes from different governorates to Cairo and return home on daily basis.
The new metro is planned to be inaugurated in three years after the contract is signed. The phase will include 15 stations underground and aboveground over a distance of 17.7 kilometers.
The project is estimated to cost 900 million euros; 300 million euros loaned by the French Development Agency and 600 million euros by the European Investment Bank, head of NAT Sameh Refat previously told Youm7.
The Third Phase of the Third Metro Line project is planned to connect Imbaba and Mohandiseen west of the Nile, and pass under the Nile River to Zamalek and continue to Attaba, Abassiya, Cairo Stadium, Heliopolis and the Cairo Airport.
The entire Third Metro Line extends over 47.87 kilometers with 39 metro stations.
Cairo subway is essential for transporting millions of people every day; huge traffic jams occur above the ground if the metro is out of services.