CAIRO, June 11 (Xinhua) -- Egyptian President Abdel-Fattah al-Sisi has approved an agreement for a Chinese concessional loan worth nearly 1.47 billion yuan (about 204 million U.S. dollars) to support the expansion of Egypt's light rail network.
According to Presidential Decree No. 652 published in the official gazette on Thursday, the Egyptian president approved the framework agreement signed between Egypt and China to finance the third phase of the Light Rail Transit (LRT) project serving the 10th of Ramadan City, a major industrial and residential hub east of Cairo.
Under the agreement, China will extend a concessional loan of up to 1.46598 billion yuan to Egypt, represented by the National Authority for Tunnels, through the Export-Import Bank of China.
The LRT is a flagship of Egypt-China infrastructure cooperation, part of a drive to modernize transport, boost urban mobility, and link Cairo with newly developed urban centers. ■
