Hesham Arafat, the Minister of Transport of Egypt announced on 15 January the signature in Cairo of a $1,2 bn loan agreement with the Import/export Bank of China (Exim Bank). This loan is expected to be used for the new electric train project that will connect several areas of the Egyptian capital. The signing ceremony was also attended by the Prime Minister Moustafa Madbouly, the Minister of Investment Sahar Nasr, Egypt’s chairman of the National Authority for Tunnels Ahmed Fouda, and Exim’s vice president Sung Ping. The Minister of Transport announced that “The loan will be paid over 15 years with a five-year grace period,” and the rate interest will be 1.8 percent for $739 million and 2 percent for the remaining $461 million. This agreement confirms a consistent Chinese strategy in the region, adding to the list of similar investments from China in infrastructures project in the region.