(MENAFN) Two Chinese state companies signed a deal worth USD1.24bln with Egypt to launch a light rail system around Cairo.
The Egypt's National Authority for Tunnels (NAT) and Chinese AVIC international and China Railway Group will build a 66-km network with 11 stations, on which trains will run at a speed of up to 120 kilometers.
However, NAT chief Tarek Gamal El-Din, said the project is expected to start within two or three months and would be able to carry 340,000 passengers daily once completed.
While Chinese firms are aggressively chasing projects outside the country, Egypt was a key partner for China in the 'Belt and Road' initiative than aims to build transport and trade links between Europe and Asia.
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