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European Investment Bank
Jul 04, 2022, 18:35 PDT

LUXEMBOURG, 04 July 2022 / PRN Africa / -- Gelsomina Vigliotti confirms EUR 600 million EIB backing for Line 3

New Cairo Metro line represents the EIBs largest transport investment in Africa

Vice President emphasises importance of sustainable transport for climate action

European Investment Bank Vice President Gelsomina Vigliotti today joined Egyptian leaders and international financing institutions at the formal inauguration of the new Cairo Metro Line 3 at Adly Mansour Station.

“The European Investment Bank congratulates all those whose hard work over the last decade to enable today's inauguration of a new section of the Cairo Metro Line 3. The European Investment Bank is pleased to have provided EUR 600 million for the project that will transform transport for millions of people every day, provides a faster and more sustainable transport alternative and helps to alleviate traffic congestion in the Egyptian capital. Line 3 is a model for sustainable transport in global cities that will improve access to jobs and education, cut pollution and reduce carbon emissions,” said Gelsomina Vigliotti, Vice President of the European Investment Bank.

Vigliotti added, “Cairo Metro Line 3 is a crucial project to transform sustainable transport and deliver climate action in Egypt. The European Investment Bank is a key partner for transport investment in Egypt and today's inauguration of Cairo Metro Line 3 Phase 3 shows how long-term investment backed by Team Europe, such as the EIB, can deliver world class transport infrastructure to benefit millions of people living in Cairo.”

The European Investment Bank, the world's largest international public bank, provided EUR 600 million for construction of Cairo Metro Line 3 and the project is the largest single transport project backed by the EIB in Africa. “The European Investment Bank is the European Union's long-term lending institution. This week's visit will be an opportunity to discuss the reforms and economic conditions for even closer cooperation between Egypt and Europe,” said Christian Berger, Ambassador and Head of the European Union Delegation to Egypt.

The project is also backed by EUR 300 million financing from Agence Française de Développement (AFD) and EUR 43 million grant support from the European Union.

Cairo Metro Line 3 will improve urban mobility and reduce traffic congestion for the more than 20 million people living in Cairo. Improving Cairo's transport network will contribute to more sustainable and green economic growth and urban development in Egypt.

In May 2021, the European Investment Bank and Egypt agreed EUR1.1 billion of new financing for metro and tram projects in Alexandria and Cairo.

Last year the EIB provided more than EUR 1 billion for business, telecom and transport investment in Egypt.

EIB Global is the EIB Group's new specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.

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SOURCE European Investment Bank