Egypt’s President Abdul Fattah al-Sisi has met with a delegation from China’s Avic International and China Railway Group as part of the ongoing negotiations for the $1.5bn light railway transit (LRT) in 10^th of Ramadan City.

It is understood that the negotiating parties are hoping to finalise the financing model for the scheme.

MEED earlier reported that negotiations for the deal have reached a final stage and that the contract is a direct order

A source familiar with the scheme told MEED in May that the project will likely use a combination of engineering, procurement and construction (EPC) and financing model.

The same source has indicated that a commercial contract is scheduled to be drafted and presented for approval to the Export-Import (Exim) Bank of China, which will provide funding for the project.

No specific timeline has been given for the final award of the contract.