Egypt, France, to cooperate in modernizing underground metro cars

Egypt and France Tuesday signed a protocol to finance a project to rehabilitate and modernize cars of the first Cairo underground metro.

The agreement was signed by Minister of State for Foreign Affairs, Faiza Abul Naga, and the French ambassador in Cairo.

After signing the agreement, Abul Naga made a speech in which she welcomed members of the French delegation who drew up the protocol and lauded relations of friendship and cooperation between Egypt ad France which she described as "fruitful".

She noted that since Presidents Mubarak and Chirac opened the first underground metro line in Cairo in September 1987, the state provided all facilities to ensure the success of the project which has been an outstanding landmark in relations of cooperation between Egypt and France.

In his speech, the French ambassador said that financial cooperation between Egypt and France is "old-standing and traditional". The value of protocols signed over about 20 years, amounts to 3 billion Euros (about 12 billion pounds).

"France's assistance to Egypt will continue through projects and the coming period will witness the signing of more cooperation protocols," the ambassador said.

He described economic cooperation between Egypt and France as "satisfactory and fruitful".

Relations between Egypt and France include trade and assistance. This has established strong relations under the leadership of Presidents Mubarak and Chirac, the ambassador said.

There will be partnership in the coming 20 or 30 years in the field of gas and other projects, he said.

Under the protocol signed Tuesday, the French government will advance about 49 million Euros to contribute to the modernization of the cars of the first Cairo underground metro.

It will be repaid over 20 years with a 5-year grace period, at an interest rate of 0.4 per cent annually.