National Authority for Tunnels of the Arab Republic of Egypt’s €1.9 Billion Financing For The Cairo Monorail Project

Ashurst has acted for J.P. Morgan, as initial mandated lead arranger, and UK Export Finance on the project financing, while White & Case acted for the National Authority for Tunnels and the Ministry of Finance.

The Cairo Monorail is a priority public service project for Egypt, under development by a consortium of first-class international contractors including Bombardier Transportation, Orascom Construction and Arab Contractors. With a total project cost in excess of US$4.5 billion, it will bring environmentally friendly and low cost transportation to huge numbers of Cairo residents across the city. It is the first monorail project in North Africa and, once complete, will be the longest monorail system in the world at a combined 98.5 km. It is expected to open in 2023.

John Meakin, Global Head of Export & Agency Finance at J.P. Morgan commented:

Ashurst’s International Projects Group deployed a cross-border team led by Paris partner Tom Longmuir (Picture), including Dubai partner Yvonne Cross, London counsel Thomas Karalis and Paris associate Samia Khennous. Ashurst worked in collaboration with Zaki Hashem & Partners in Egypt, whose team was led by Ragia Omran working with senior associate Peter Maurice.

White & Case acted for the National Authority for Tunnels and the Ministry of Finance, with a team led by partners Tarek Mohanna and Ziad Gadalla, as well as associate Nour Ghaleb.

Involved fees earner: Yvonne Cross – Ashurst; Thomas Karalis – Ashurst; Tom Longmuir – Ashurst; Ziad Gadalla – White & Case; Nour Ghaleb – White & Case; Tarek Mohanna – White & Case;

Law Firms: Ashurst; White & Case;

Clients: JP Morgan; National Authority for Tunnels and the Ministry of Finance; UK Export Finance ;