France Funding Metro Projects in Egypt
Reuters reported that France would provide Egypt with some 1.8 billion euros in financing for projects including the Cairo metro, power generation and water management, in what officials called a major boost to bilateral cooperation. The financing includes a concessional government loan of around 800 million euros for upgrades to Line 1 of Cairo’s metro, which dates to the 1980s. Another 1 billion euros of financing from AFD, France’s development agency, will cover a range of projects over the next five years.
Further state guaranteed loans worth a possible 2 billion euros for a new metro route in Cairo Line 6 would be negotiated over the next six months, French Finance Minister Bruno Le Maire said during a trip to the Egyptian capital.
France and Egypt have forged close ties since 2014, despite differences over human rights and strong criticism of Egypt by rights activists and some foreign states.