Arab Bank and Orascom Construction have signed a cooperation agreement to finance the fourth phase of the Grand Metro 402 project, worth EGP 4.2bn.
The Grand Metro 402 project is a strategic and environmentally friendly project that aims to develop the transportation sector in Egypt and reduce traffic congestion and harmful emissions from traditional means of transportation.
The fourth phase of the Grand Metro project will connect Giza and Fustat regions, and link them to the first and second lines of the existing metro lines. The project is expected to take about six years, starting in 2023.
Orascom Construction is a global engineering and construction company that specializes in infrastructure, industrial, and commercial projects in the Middle East, Africa, and the United States.
Arab Bank started its activity in Egypt in 1944 and has 44 branches in key locations across the country. Arab Bank has one of the largest Arab banking networks in the world, with more than 600 branches on five continents.