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Egypt gets $1.2bn loan for new light rail network


Egypt has agreed a $1.2 billion deal with the Export-Import Bank of China (EximBank) to finance a light rail system from an industrial city on the outskirts of Cairo to a new capital it is building, according to a Reuters report.

The 68-km-long rail network will connect the 10th of Ramadan city to the new administrative capital.

The loan has a 1.8 per cent interest rate and matures in five years, stated the report, citing the Transport Minister Hisham Arafat.

He said $461 million would go to infrastructure and $739 million for trains, he noted.

Five state-run companies and three private ones are working on the project which is due to completed within two years, he added.

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