Parliament okays loan to buy 13 Metro locomotives
Parliament okays loan to buy 13 Metro locomotives
Cairo - MENA
The House of Representatives on Sunday approved a loan agreed upon between Egypt and the European Bank for Reconstruction and Development (EBRD) to buy 13 locomotives for Metro Line 2.
During a session chaired by Parliament Speaker Ali Abdel Aal, the rapporteur of the Parliament's constitutional and legislative committee reviewed a deal signed between Egypt and EBRD on September 8, 2015 to buy 13 locomotives.
The loan consists of two tranches; the first is mandatory payment of 100 million euros out of 185 million, while the non-compulsory one is Euro 75 million as an additional loan to the project, the rapporteur said.
He added that buying the 134 locomotives would ease transport movement and congestion of Cairo streets.
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