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FINANCIAL NEWS
Egypt’s Orascom to construct USD1.5b monorail in Egypt
04 May 2015
(MENAFN) Orascom, the Egyptian Construction firm, and the Canadian Bombardier Inc are set to construct a USD1.5 billion monorail close to Cairo, according to Egypt’s housing minister, Reuters reported.
The single-track railway project is set to be 52 kilometers in length and is expected to be finalized by June 2018. The entire rail enjoys a financing of a 14-years loan, the minister added.
The project is part of the overall expansion of the Cairo metro system, which is being improved in hopes of reducing traffic congestion in streets.
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