CAIRO, Jan 16 (KUNA) -- Egypt on Wednesday signed a USD 1.2 billion agreement with the Export-Import Bank of China (EXIM) for financing an electric train linking new cities, east of Cairo.
The deal was inked by head of Egypt's National Authority for Tunnels Ahmad Fouda and the bank's Vice President Sun Ping, in the presence of Prime Minister Moustafa Madbouli.
A statement issued by the Egyptian government quoted Minister of Transportation Hesham Arafat as saying that the project links the new cities in eastern Cairo like Al-Salam, Al-Obour, Al-Shourq to the new administrative capital. The speed of the train is 120k/hour along 67.8 kilometers, it added.
The Chinese official, meanwhile, lauded "distinguished" relations with Egypt, referring to "positive" consultations between the two sides in order to sign the deal, according to the statement. (end)