{"id":324434,"date":"2022-01-12T10:15:26","date_gmt":"2022-01-12T10:15:26","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324434"},"modified":"2022-01-12T10:15:26","modified_gmt":"2022-01-12T10:15:26","slug":"eib-backs-maspero-station-through-e600-million-financing-for-cairo-metro-line-3","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/01\/12\/eib-backs-maspero-station-through-e600-million-financing-for-cairo-metro-line-3\/","title":{"rendered":"EIB backs Maspero station through \u20ac600 million financing for Cairo Metro Line 3"},"content":{"rendered":"

Frans Timmermans, executive vice-president of the European Commission, has visited the Maspero metro station site, part of Cairo Metro Line 3 \u2013 Phase 3 project, for which the European Investment Bank (EIB) has provided financing worth \u20ac600 million ($680 million).<\/p>\n

Egypt\u2019s Minister of International Cooperation Rania al-Mashat, has accompanied Timmermans during his visit.<\/p>\n

The project includes supervision and technical assistance funded by the EU grant component, which covers training and transferring expertise to the Egyptian National Authority for Tunnels (NAT). The French Development Agency\u2019s (AFD) contribution amounts to \u20ac300\u00a0million, while the EU grant amounts to \u20ac43\u00a0million, according to the EIB\u2019s statement<\/a> released on Monday.<\/p>\n

According to Timmermans, who is heading the Commission\u2019s work on the European Green Deal, \u201cThe future can only be green. Through cooperation between Egypt and the EU team, we will achieve a more sustainable and prosperous future for Egyptians and Europeans alike.\u201d<\/p>\n

\"EIB
Frans Timmermans, executive vice-president of the European Commission, and Egypt\u2019s Minister of International Cooperation Rania al-Mashat during the visiting of Maspero metro station site, part of Cairo Metro Line 3 (Photo Credit: EIB)<\/figcaption><\/figure>\n

Minister al-Mashat emphasised the profound role that transport plays in driving Egypt\u2019s inclusive economic growth. She said the transport sector is at the top of the Egyptian government\u2019s national priorities, contributing to economic and social development, and enhancing people\u2019s livelihoods.<\/p>\n

The transport sector contributes 4.6 percent of Egypt\u2019s gross domestic product, providing 6.2 percent of the job opportunities in the market, and it accounts for more than 20 percent of the International Cooperation Ministry\u2019s ongoing development cooperation portfolio, with a value of $5.13\u00a0billion, she added.<\/p>\n

The Egyptian minister applauded the strategic partnership with the European Union, which supports national efforts to achieve development across different sectors.<\/p>\n

Cairo is home to about 20\u00a0million people and is the largest city in Africa. With climate change, a serious concern for Cairo and for Egyptians, improving the capital\u2019s transport system will contribute to more sustainable and green economic growth and urban development in Egypt.<\/p>\n

Metro Line 3 aims to lower travel times for residents, reduce traffic congestion, and cut carbon emissions and other pollutants in Cairo. It targets reduction of 9.3\u00a0megatonnes of CO2 emissions during the operating period.<\/p>\n

The first 4.3\u00a0km-long phase of Line 3 was commissioned in February 2012 and the second 7.7\u00a0km-long phase started in May 2014. Phase 3 expands Line 3 westwards. It is set to connect the city centre, Abassia, to the west bank of the Nile, Giza, crossing the river via Zamalek Island before splitting into two branches. The first branch will head towards the Rod El Farag corridor in the north, while the other will head towards Cairo University in the south.<\/p>\n

Line 3\u2019s Maspero station is part of the first section (3a) of phase 3. This section comprises four underground stations. Maspero metro station is the last underground station before the line crosses the Nile. Phase 3 involves three sections, covering 15 stations in total.<\/p>\n","protected":false},"excerpt":{"rendered":"

Frans Timmermans, executive vice-president of the European Commission, has visited the Maspero metro station site, part of Cairo Metro Line 3 \u2013 Phase 3 project, for which the European Investment Bank (EIB) has provided financing worth \u20ac600 million ($680 million).<\/p>\n","protected":false},"author":4,"featured_media":320311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[335],"class_list":["post-324434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partners","tag-european-investment-bank-eib"],"yoast_head":"\nEIB backs Maspero station through \u20ac600 million financing for Cairo Metro Line 3 - egy-africa<\/title>\n<meta name=\"description\" content=\"Frans Timmermans, executive vice-president of the European Commission, has visited the Maspero metro station site, part of Cairo Metro Line 3 \u2013 Phase 3 project, for which the European Investment Bank (EIB) has provided financing worth \u20ac600 million ($680 million).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/01\/12\/eib-backs-maspero-station-through-e600-million-financing-for-cairo-metro-line-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIB backs Maspero station through \u20ac600 million financing for Cairo Metro Line 3 - 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