Egypt approves AIIB loan to build metro line in Alexandria

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Egypt approves AIIB loan to build metro line in Alexandria

STORY: Egypt approves AIIB loan to build metro in Alexandria DATELINE: Aug. 18, 2023 LENGTH: 00:00:55 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the meeting of Egyptian Cabinet (courtesy of Egyptian Cabinet) STORYLINE: The Egyptian government approved on Thursday a loan from the Asian Infrastructure Investment Bank (AIIB) to finance a metro line in the northern coastal province of Alexandria, said the Egyptian cabinet in a statement. The Beijing-based bank will provide Egypt with 250 million euros (about 272 million U.S. dollars) to fund the Abu Qir metro line in the Egyptian coastal city of Alexandria, based on a deal signed by Egypt's Ministry of International Cooperation and the AIIB in China last month. The project, which is estimated to cost 1.5 billion euros, will be co-financed by the AIIB, the European Bank for Reconstruction and Development, the European Investment Bank, and the French Development Agency. The new metro line will be developed on the existing Abu Qir railway line,

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