France to fund new trains for Egypt's metro

The Egyptian government signed a €344 million ($428.7 million) agreement on Sunday with France's ambassador to Cairo to fund the purchase of sixty-four trains for the third and fourth metro lines.

The French government will provide Egypt with €172 million ($214.4 million) in a concessional loan to be repaid in 53 years with a 20 year grace period at an annual interest rate of 0.1 percent. The second half of the loan will come in the form of credit facilities by French credit company, Coface.