Egypt’s Ministry of International Cooperation witnessed the signing of development financing agreements worth $1.6 billion on Monday to finance SDG-aligned infrastructure projects that connect several districts with the New Administrative Capital.
The agreements aim to foster economic development and empower citizens by providing affordable transport and equitable access to opportunities for all.
The signing event was in the presence of Minister of International Cooperation Dr. Rania Al-Mashat, Minister of Transportation Kamel El Wazir, Ambassador of China to Egypt Liao Li Chang, and Ambassador of Japan to Egypt Masaki Noke during the TransMea 2020 Transport Technology Conference.
The first agreement, worth $400 million, is signed in partnership with the Japan International Cooperation Agency to finance the project, “Phase One of Establishing Cairo Metro Line No. 4” which will connect the 6th of October and Giza districts with Cairo and the New Capital, and will target 1.3 million passengers a day.
The second agreement, worth $1.2 billion, is signed in partnership with Chinese Exim Bank, to finance the project, “Electric Train, 10th of Ramadan to Administrative Capital” which will connect Greater Cairo, the Industrial Zones in 10th of Ramadan with the New Capital in Eastern Cairo, and target 60,000 passengers per hour.
Al-Mashat stated that these projects carry a lot of significance in driving Egypt’s inclusive economic growth and empowering Egyptian citizens across the country, as it will connect remote areas with bigger cities and business districts, and thereby provide more job opportunities.
As part of the ministry’s vision to promote inclusive and diverse development partnerships, the minister added that the projects also engage with the private sector such as Mistubishi, Orascom, and Talis Consortium in the Cairo Metro Line 4 project, as well as CREC Chinese Consortium in the electric train project.
Al-Mashat added that these projects come under the ministry’s Global Partnerships Narrative, which are: people at the core, projects in action and purpose as the driver, explaining that the projects primarily aim to unlock the potential of Egyptian citizens and improve their quality of life and that they are carefully aligned with the 17 Sustainable Development Goals (SDGs) to achieve better and more sustainable outcomes.
In line with the SDGs, the project achieves Goal 9 for Industry, Innovation and Infrastructure, Goal 8 for Decent Work and Economic Growth, Goal 10 for Reduced Inequalities, Goal 11 for Sustainable Cities and Communities, Goal 13 for Climate Action, and Goal 17 for Partnerships for the Goals.
Last week, Al-Mashat announced that the Ministry of International Cooperation succeeded in securing $7.3 billion of developing financing despite the COVID-19 pandemic to support healthcare, education, entrepreneurship, green recovery, gender equality, and infrastructure.