Egypt, Chinese Avic Intl Complete Consultations On Cairo Light Rail Transit's 3Rd Phase
Date
8/6/2023 11:27:11 PM
(MENAFN- Daily News Egypt) Beijing – Qian Rong, Chairperson of the Chinese company AVIC International Holding Corporation (AVIC INTL), which is responsible for carrying out Cairo Light Rail Transit (LRT), stated that the first project implemented by the company in Africa was in Egypt, which is the best evidence of the good relations between the two countries.
The LRT is the first light speed train in Egypt and one of the newest means of transportation in the country. Egypt's plan for this project is to connect El Salam City (Cairo's east side) with the New Administrative Capital, through the 10th of Ramadan City.
During a meeting in Beijing, Rong said that the LRT project is being developed at an estimated cost of $1.2bn.
He added that the company is working hard to complete this project as soon as possible.
He told Daily News Egypt that negotiations and consultations with the Egyptian government are almost completed in order to execute the third phase of the LRT but contracts have not been signed, expecting signatures could be done before the year-end.
He commented that the first phase of the project did not face any financial difficulties in getting their dues due to it being paid by Chinese loan, however, the company is still waiting for its dues of second phase implementation cost.
The project was planned to begin in 2014 but it has already started in 2019.
Rong said the Chinese yuan might be used to conduct financial transactions with Egypt in the next phases of the project if the two governments agree on, elaborated that subcontractors who executed civil works could be paid in local currency [Egyptian pound] nevertheless the other dues should be paid in dollars for materials and equipment used in the project.
He disclosed that the cooperation between Egypt and China is going through a wonderful stage, describing the Egyptian government at the moment as very diligent and working hard to complete the LRT project and other transport projects.
“Egypt and the Middle East are very important for the Chinese company, as there is a great opportunity to increase investments and work in those areas,” the company's director said.“We enjoy very strong relations with Middle East countries, especially Egypt.”
Regarding the company's future plans in Egypt, Rong explained that there is a plan to execute the third and fourth phases of the LRT project and many important projects in the field of infrastructure.
He revealed that negotiations are underway with the Ministry of Transport of Egypt to establish a joint venture to manufacture equipment for the LRT in Egypt.
AVIC's chairperson concluded that the company is cooperating with the Egyptian government to provide vocational training for students and first two patches of the graduates of these trainings are working in the LRT project.
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