Business
18:33, 17-Aug-2017
China to build electric train line around Cairo
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Egyptian Prime Minister Sherif Ismail has witnessed the signing of a deal under which two Chinese state-owned companies will establish an electric train line around Cairo. The new line is expected to be ready in two and a half years at a cost of 1.24 billion US dollars.
Nearly 800 million US dollars will be provided in the form of a long-term loan from the Aviation Industry Corporation of China (AVIC), while China Railway Group will be responsible for building the 66-km network with 11 stations.
With the new line, the Egyptian government is hoping that it can start redeveloping its worn-down railway system that has witnessed several accidents lately and provide a fast and reliable source of transportation for its new cities.