France is planning to inject €1.8 billion ($2.2 billion) of capital into Egypt’s infrastructure in what officials are calling a “major boost to bilateral cooperation,” according to Construction Global.
The capital will be focused specifically on upgrading the Cairo Metro, building a railway to Sudan, and developing water and energy schemes.
The financing includes an €800 million ($955 million) concessional government loan to update Line 1 of the Cairo Metro with 55 train sets, provided by French engineering company, Alstom. Another €2 billion ($2.4 billion) in state-guaranteed loans will be put toward upgrading Line 6.
French development agency Agence Française de Développement also will contribute €1 billion ($1.2 billion) to cover a range of other projects spanning the rail, renewables and water industries over the next five years.
“France will substantially increase its direct exposure to Egypt, becoming the first counterpart