almal > RightWingAd
almal > LeftWingAd

Transport ministry in negotiations with AVIC to secure USD 500mn loan

Sunday 27 August 2017 12:13 PM

The Egyptian Ministry of Transport
The Egyptian Ministry of Transport

By Medhat Ismail:
National Tunnels Authority is planning to carry out electric train project, which will link Salam City and the New Administrative Capital, early in 2018, sources told Al Mal newspaper.
The ministry of transport is going to sign an agreement on work implementation with local firms and China’s Aviation Industry Corporation of China (AVIC).
The ministry is currently involved in negotiations with AVIC to secure a facilitated loan of USD 500mn, representing the local proportion scheduled to be secured through State budget with the ministry of housing repaying the loan as the beneficiary of the project.
The ministry of housing has demonstrated its inability to secure the financing while the ministry of transport is obliged to secure the amount in 2 tranches upon signing work implementation protocol, according to sources.
Earlier, the ministry of transport announced that it was waiting the response of finance, planning and housing ministries concerning their contributions to the USD 500mn amount.
In previous statements, sources told Al Mal that the ministry of housing asked for a period to determine the financial amount scheduled to be secured.