Cairo Metro Line 1 Modernisation (EBRD-48298)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 11, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Arab Republic of Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 160.76 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 130,000,000.00
Converted using 2018-02-05 exchange rate.
Project Cost (USD)
$ 408.09 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 330,000,000.00
Converted using 2018-02-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 3, 2018

Disclosed by Bank Feb 5, 2018


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Project Description

The provision of a sovereign loan of up to EUR 130 million (or USD equivalent) to the Arab Republic of Egypt to finance the rehabilitation of the existing infrastructure of Cairo Metro Line I, which will cover urgent infrastructure investments in signalling, telecoms, controls and track works. It is expected that the project will be co-financed by a sovereign loan of up to EUR 150 million from the European Investment Bank ("EIB") and EUR 50 million from the Agence Francaise de Developpement("AfD").

The project will be implemented by the National Authority for Tunnels ("NAT"), a government agency under the jurisdiction of the Ministry of Transport ("MOT") and will be carefully co-ordinated with the Egyptian Company for Metro ("ECM"), the operator, as the rehabilitation will take place while the line is in operation.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
  • European Investment Bank (EIB)

It is expected that the project will be co-financed by a sovereign loan of up to EUR 150 million from the European Investment Bank ("EIB") and EUR 50 million from the Agence Francaise de Developpement("AfD").

Contact Information

Eng. Seham El Fekky
seham_nat@hotmail.com
02 25742968
02 25742968
http://www.nat.org.eg
Ramsis Square, Al Azbakeyah, Cairo

 

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The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.