White & Case Advises National Authority for Tunnels on Landmark Financing of Cairo Monorail
2 min read
Global law firm White & Case LLP has advised the National Authority for Tunnels (NAT), an entity affiliated to the Ministry of Transportation of Egypt, on the €1.886 billion financing for the development of the Cairo Monorail project in Egypt.
"This is a significant sustainable transport project for Cairo which will be a benchmark for other cities to follow," said White & Case partner Tarek Mohanna, who co-led the Firm's deal team. "The Monorail will provide real benefits to the growing number of residences inside and outside the city and make a substantial difference in cutting down traffic congestion and pollution."
The US$4.5 billion monorail project is the first of its kind in North Africa and Egypt and includes two lines: a 43 km-long rail line set to extend from 6th of October City to Giza, and a 54 km rail line connecting Cairo's New Administrative Capital to Nasr City. These will be the first mass transit links between Greater Cairo, the new capital and 6th of October City. Work includes building 34 stations, maintenance facilities, depots and an operations control centre.
Once complete the project which covers almost 100km will be the longest monorail system in the world. It is expected to open in 2023. The Monorail will be developed by a consortium of first-class international contractors including Bombardier Transportation, Orascom Construction and Arab Contractors. The financing was provided by commercial banks with JP Morgan as facility agent and UK Export Finance (UKEF) guaranteeing the largest amount of financing it has ever provided for an overseas infrastructure project.
White & Case association partner Ziad Gadalla, who co-led the Firm’s deal team, said: "Our Cairo deal team that advised on this unique landmark transaction showcased our Egyptian and international capabilities that our clients rely on when developing strategically important projects in Egypt."
The White & Case team in Cairo which advised on the transaction included partner Tarek Mohanna, association partner Ziad Gadalla and associate Nour Ghaleb.
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