Egyptian-Chinese consortium awarded LRT’s 3rd phase construction
Updated 7/7/2024 2:12:00 PM
Arab Finance: The Egyptian government has assigned the construction works of the light electric train’s (LRT) third phase to an Egyptian-Chinese consortium for $550 million, three government sources told Asharq Business.
The consortium comprises a Chinese company, Egypt’s Arab Contractors, and Orascom Construction PLC, one source said.
The execution of the project’s third phase is set to be finalized within two years at the latest, the official added.
The third phase of the LRT project extends over 20.4 kilometers covering four stations.
Costs of construction works for the project’s third phase will be financed via an external loan worth around $400 million from the Export-Import Bank of China (Chexim) and another loan funded by local banks, another official pointed out.
On September 27th, 2023, it was reported that Chexim would provide Egypt with a loan worth $400 million to finance the construction works of the LRT project’s third phase.
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