Orascom Construction PLC’s consortium with Mitsubishi Corporation has inked an $800 million contract with Egypt’s National Authority for Tunnels (NAT).
Under the contract, the consortium will implement the railway systems, track and depot work package for the first phase of Cairo Metro Line 4, according to a press release on Tuesday.
Orascom Construction’s share of the contract is valued at more than $350 million.
To finance the project, the Japanese International Corporation Agency (JICA) has offered a Japanese Yen Credit Loan under the condition of the Special Technical Economic Partnership (STEP), which is executed for the first time in Egypt.
The first phase of Cairo Metro Line 4, which will be constructed as a new underground line, will connect the centre of Greater Cairo to the pyramids area in Giza through 16 stations.
The CEO of Orascom Construction, Osama Bishai, said: “This project also positions us for future work in this sector, ranging from new phases of Cairo Metro to new railway projects.”
