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Egypt,Japan : JICA inks $1.2 billion loan deal for Cairo\'s fourth metro line
Publish Date : 22-Mar-2012
An independent governmental agency, the Japan International Cooperation Agency (JICA), has inked a $1.2 billion loan deal with the Egyptian government to fund fourth metro line in Cairo. The deal was signed on Monday, at Egypt\'s Cabinet office in downtown Cairo.
Loan\'s initial tranche is of $392 million with an annual interest rate of 0.2 per cent and repayment period is of 40 years, including a 10-year grace period.
Fourth underground railway line of Cairo is designed to connect central Cairo with Giza, running 17 kilometres with 16 stations. This proposal forms part of a broader plan aimed at lessening traffic congestion in the capital. The work on the line is expected to complete in 2020.
