French Finance Minister Bruno Le Maire has signed agreements with Egypt to invest $4.6 billon in the most populous Arab country’s public transport and renewable energy sectors.
The first tranche will be for transport giant Alstom to supply 55 underground trains for Cairo Metro’s Line 1, for a total of $969 million financed by a loan from the Treasury.
The line used by over a million commuters daily has dilapidated carriages that are over three decades old.
Speaking to reporters in Cairo, Le Maire said Cooperation has been expanded to cover renewable energy, water purification and public transport as well funding for universities and social safety nets,.
Cairo, with a population of over 20 million renowned for its gridlocked roads, suffers from a dire lack of safe and efficient public transport.
The Metro has three lines which are currently being extended and three other connecting lines are expected to be built.
Egypt has also been one of France’s biggest arms clients since President Abdel Fattah al-Sisi took power in 2014. In December, French President Emmanuel Macron awarded Sisi the Grand Cross of the Legion of Honour, the country’s highest award, sparking outrage among human rights critics
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