Boring Company to build futuristic transit system at Chicago O'Hare International Airport
Elon Musk’s Boring Company is to finance and build a multibillion-dollar high-speed express train to Chicago’s O'Hare International Airport – the first private infrastructure project it has won.
The company, which recently made headlines with its $600 flamethrower, was selected by the Chicago Infrastructure Trust (CIT), on behalf of the City of Chicago, to design, build, finance, operate and maintain an O’Hare Express service.
The system would see two lines from Chicago’s central Loop to the busy airport will use autonomous pod-like cars ‘skates’, that would depart as frequently as every 30 seconds.
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In comments carried by Crane’s Chicago’s Mayor Rahm Emanuel, said: “Dallas and Atlanta and New York will look at this and be sorry they didn't have it. It's going to give the city a huge competitive leg up.”
The 12-minute service is expected to open in 2022 and will be known as the Chicago Express Loop, according to Boring Co.
In a Twitter posting, the company said: “We’re really excited to work with the Mayor and the City to bring this new high-speed public transportation system to Chicago!”
On its website is added that it “aims to alleviate soul-destroying traffic by constructing safe, affordable, and environmentally-friendly public transportation systems”.
The futuristic loop system promises to shuttle passengers at speeds of more than 100mph, dramatically cutting the existing time between O’Hare Airport and downtown Chicago.
The Boring Co beat out competition a consortium including Mott McDonald, and JLC Infrastructure to win the project, although the condition that it be self-funded is thought top have put off other interested parties.
France to invest €1.8bn in Egypt’s infrastructure
France will invest a total of €1.8bn into Egypt’s infrastructure focusing specifically on upgrading the Cairo Metro, building a railway to Sudan, and developing water and energy schemes. Officials have called the investment a “major boost to bilateral cooperation”.
The Cairo Metro
Included in the financing is a concessional government loan of around €800mn to upgrade Line 1 of the Cairo Metro, introduced in the 1980s. The financing will pay for 55 trainsets for the line and is provided by the French engineering company, Alstom.
Line 6 is also due to be upgraded using further state-guaranteed loans worth up to €2bn. Bruno Le Maire said that this would be negotiated over the next six months. France and Egypt have worked in close cooperation ever since Abdel Fattah al-Sisi became president in 2014, despite differences over human rights and strong criticism of Egypt by rights activists and some foreign states.
Nine more projects over the next half a decade
A further €1bn from France’s development agency, Agence Française de Développement (AFD), aims to cover a range of other projects over the next half a decade.
These projects include a railway line between Aswan, southern Egypt, and Wadi Halfa in Sudan, as well as several projects in the renewable energy and water purification industries. Bruno Le Maire, France’s Finance Minister, said Egypt was a “strategic partner and commercial dealings with it would be developed. France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans,” he said.
According to Le Maire, the AFD will also €150mn to support the construction of a universal health insurance programme. French contractors such as Vinci and Bouygues have a long history of working on the Egyptian capital’s underground system.
Talking about the relationship between France And Egypt, Le Maire concluded: “France will substantially increase its direct exposure to Egypt, becoming the first counter-party for government to government loans”.