6 October 2017
Promoter – Financial Intermediary
NATIONAL AUTHORITY FOR TUNNELS
The project consists of rehabilitation of metro line 1 of the Cairo metro network. The rehabilitation includes the renewal of the signalling system, telecommunications equipment, centralised control system, power supply, track repairs and the electrical and mechanical systems.
The project is expected to deliver significant time savings to existing users of metro line 1 and to provide additional capacity to accommodate an increasing demand that would otherwise be absorbed by less environmentally friendly modes of transport. The upgrade of the metro line will improve the reliability of the existing metro service and further reduce headways during peak hours. It will represent a fast and affordable transport solution to the population, in particular to those who cannot afford owning a private car. Furthermore, the project will result in vehicle operating cost savings, lower air emissions and less accidents stemming from the expected modal shift from road to public transport.
Funding for this project could be part of the EIB's new "Economic Resilience" initiative aimed at strengthening economic resilience in neighboring countries by modernizing and expanding economic and social infrastructure and stimulating growth Sustainable development and job creation.
Under ELM Guarantee
This operation is covered by the EU Guarantee for EIB loans outside the EU.
Proposed EIB finance (Approximate amount)
EUR 350 million
Total cost (Approximate amount)
EUR 770 million
If the project was located within the EU, it could fall under Annex II of the EIA Directive 2011/92/EC, thus requiring a decision by the competent authority to determine whether a full environmental impact assessment (EIA) has to be carried out.
The Bank shall investigate environmental and social aspects during appraisal and verify that the promoter has followed the relevant EU environmental and social principles, standards and practices. The Bank shall also verify the acceptability of the project in terms of likely environmental impacts and proposed mitigation and compensation measures.
The Bank will require the promoter to ensure that any procurement process is consistent with the Bank's procurement guidelines.
Signed - 20/01/2019