Egypt Independent

Nine banks offer LE5.4 bn loan to finance monorail in Egypt



A group of nine banks have offered to provide Egypt’s New Urban Communities Authority (NUCA) with a LE5.4 billion (US$700 million) 15-year syndicated loan to finance the local component of the planned monorail connecting 6th of October City and Sheikh Zayed with Cairo and Giza, according to daily business newspaper Al Mal.
 
Commercial International Bank, Qatar National Bank Al Ahli, National Bank of Egypt, Banque Misr and Arab African International Bank offered LE800 million each, while Crédit Agricole, Arab Bank, Bank Audi, and Alexandria Bank offered LE350 million each, Al Mal reported.
 
In early May, Housing Minister Mostafa Madbouly said Canada's Bombardier Inc and Egypt's Orascom Construction and Arab Contractors will build a $1.5 billion monorail near Cairo.
 
The 52 km- (32 mile) project is set to be completed by mid-2018.