By Marc Johnson www.rail.co
The European Investment Bank (EIB) has approved the first 200 million euro block of funding for the Cairo Metro extension project.
The EIB has also pledged 45 million euros to a Community Development Programme which be put towards improvements to housing and the basic infrastructure in a number of Cairo’s struggling urban areas.
Werner Hoyer, President of the EIB, said: “With the Arab Spring, Egypt and Europe are embarking on a new era in their relations.
“The challenge for the new Egyptian government is now to restore confidence in the economy. Developing infrastructure, such as ensuring mobility, and fostering business through the Community Development Programme is key to promoting growth and employment.” More info