Egypt signed a $ 1.2 billion deal with Export-Import Bank of China (Exim Bank) for a light rail system of an industrial city in Cairo.The loan has a 1.8 percent interest rate and matures in five years.

According to Hisham Arafat, Transport Minister, $461 million would go to infrastructure and $739 million for trains.

The rail system will be 68 km long. In addition, this line will connect 10 of the city of Ramadan to the new administrative capital.Five state run companies and three private ones are working on the project. The project will be completed 2 years.

The rail link, which Arafat said will be 68 km (42 miles) long, will connect the 10th of Ramadan city to the new administrative capital.

The new capital, announced in March 2015, is intended partly to reduce crowding in Cairo but will also be home to government ministries and an airport.

Source: Trade Arabia

Fulya Altunyay/ fulyaaltunyay@realestatecoulisse.com

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