France Sets Aside EUR 3.8 Billion for Egyptian Infrastructure
France's EUR 3.8 billion investment will help Egypt buy 55 metro cars, reform their healthcare system, and restore the French University in Egypt.
France will inject EUR 3.8 billion into Egyptian public transport and renewable energy sector projects, as it seeks to step up strategic economic cooperation with Egypt, which has become the principal recipient for French Treasury loans.
Overall, France will allocate a total of EUR 2 billion of bank loans to Cairo’s growing metro system, with the first tranche expected to be finalised over the next six months to include a EUR 800 million loan for 55 metro trains from French railway company Alstom Metropolis.
Alstom Metropolis currently provides trains which operate in Paris, Barcelona, Singapore, and will soon get grinding on the tracks of Cairo’s Metro Line 1, which carries one million commuters each day.
France will also commit EUR 150 million to help reform the country’s health insurance system, and EUR 12 million to restore the French University in Egypt.
The countries will also cooperate on renewable energy, with French investments to develop electrical systems, and support water purification and wastewater projects, in particular the sewage processing plants in Alexandria and Helwan.
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