An image of a Metro Line 3 passenger car (courtesy of The Kinki Sharyo Co.,Ltd.)
In Cairo, the country’s political and economic center, chronic traffic congestion caused by excessive concentration of the population is posing major problems. It was against this backdrop that the project was formed to construct Line 3 (34-kilometer long; to be constructed in five phases) of the Greater Cairo Metro Network linking Cairo city center and Cairo International Airport. JBIC signed a buyer’s credit agreement totaling up to approximately 7.9 billion yen with the National Authority for Tunnels (NAT), a company incorporated in Egypt. The loan finances the procurement by NAT of a fleet of rolling stocks from Japan. This is the first financing for an urban transport project under JBIC’s LIFE Initiative.
Due to expansion of the global rolling stock market, many manufacturers in Europe, Asia, North America and elsewhere are vigorously engaged in business activities to win orders for transport infrastructure. The rolling stocks to be delivered are produced mainly by The Kinki Sharyo Co., Ltd. and Toshiba Corporation, and JBIC provides support for the exports by Japanese firms. During the Fourth Tokyo International Conference on African Development (TICAD IV) in May 2008, the Government of Japan pledged 2.5 billion dollars in financial support for Africa, to be provided by JBIC for five subsequent years. In May 2010, JBIC signed an MOU on a comprehensive strategic partnership with the Government of Egypt. JBIC will continue to support the expansion of Japanese businesses in Africa through similar financing.