Planning and International Cooperation Minister Ashraf al-Araby signed Sunday morning a 940 million euro agreement of foreign financing for the third phase of the metro’s third line.
The funding includes a 40 million euro grant from the EU Commission, a 600 million euro loan from the European Investment Bank, and a 300 million euro loan from the French Development Agency.
The signing ceremony was attended by the head of the French Development Agency Dov Zerah, the acting head of cooperation of the European Commission in Cairo Armel Lido, Transportation Minister Rashad al-Matiny, the head of the National Authority for Tunnels Atta al-Sherbini, and the head of the Regional Office for the European Investment Bank in the Middle East Tom Anderson.
Egypt opened the first phase of the third line, which runs from Abbasseya to Attaba, in February. The first two lines connect Marg to Helwan and Shubra to Monib.
The Cairo metro opened in 1989. The Transportation Ministry said last year it expects that the third subway line, scheduled to be completed by 2013, will transport nearly 1.5 million commuters per day, which will help mitigate traffic jams in Cairo.
A fourth line is planned to be completed before 2019.
