EIB provides 50 million Euro to finance second stage of underground metro

The European Investment Bank (EIB) signed a 50 million euro long-term loan with Egypt on Saturday to finance the second stage of the Greater Cairo Underground Metro project.

Following a meeting with Prime Minister Atef Ebeid yesterday and signing of the agreement with Minister of Industry Ali Al Saeedi (acting as Minister of Transport), EIB Vice-President Francis Mayer said the Bank is ready to finance the third stage of the metro.

The loan will be used to implement the second line of Cairo underground, to link Giza and Muneeb area.

The EIB's loan will also help protect the environment of Cairo, the largest metropolitan in Africa whose population now hit 16 million, will mushroom to 17 million by 2010, said Mayer.

The EIB contributed euros 2 billion in investments in Egypt since 1978, he said, adding that these funds were used in the infrastructure.

The Bank has allocated euros 7.4 billion to be loaned to the Euro-Mediterranean partners over the seven years from 2000 through 2006, said Mayer. So far 5 billion euros are still not loaned yet, remarked Mayer.