Jerusalem light rail operator CityPass will soon begin works for the Red Line extension with Alstom after reaching an agreement with the Israeli Ministry of Finance. The Red Line will be extended from Mount Herzl to Hadassah Ein Kerem Hospital in southwest Jerusalem and between Pisgat Zeev and Neve Yaakov in northeastern Jerusalem. Intensive talks will be held over the next two months to finalize the agreement.
Under the terms of the preliminary understanding, CityPass will earn 30% of the profit above the safety net for the period before the government buys the line. In addition, CityPass will receive NIS 40 million (EUR 10.3 million) during construction in accordance with milestone payments that will be set. If the government takes up its buyback option, CityPass will receive an extra NIS 40 million payment.
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