More money for the new capital light rail project: The Chinese consortium contracted to work on the fourth phase of Cairo’s light rail transit (LRT) system will arrange a USD 250 mn soft loan from a syndicate of international banks to help finance the project, Asharq Business reports, citing government officials it says are familiar with the matter.

Remember: AVIC International Holding Corporation and China Railway Major Bridge Engineering Group signed a framework agreement with the state-run National Authority for Tunnels (NAT) earlier this month to construct the 16-km fourth phase of the LRT that will extend the line to Tenth of Ramadan City. AVIC — the main contractor for the LRT project — also signed an MoU for the fifth phase of the project that will reach into the new capital.

Where the money’s going: The loan will be used to install electrical and mechanical systems, including centralized traffic control, and signaling and communications equipment, according to one of Asharq’s sources. The NAT will be responsible for covering the costs of the civil works, which include building the stations and laying the tracks. Such costs will be estimated before the end of the current fiscal year in June, the sources said.

The LRT is getting a lot of love from China: The Export-Import Bank of China (China Eximbank) reportedly agreed in September to lend the government USD 400 mn to finance the third phase of the project, which will also be implemented by AVIC. The Chinese lender agreed back in 2019 to provide a USD 1.2 bn loan for the initial phases of the LRT’s construction.

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