Friday 20 November 2020
Last update on Friday, November 20, 2020 At 10:00 AM
The European Investment Bank (EIB) will grant € 1.1 billion to Egypt to finance at least three urban transport projects. € 600 million will be granted in December 2020 while the last tranche will be disbursed in January 2021.
Egypt will sign a € 1.1 billion agreement with the European Investment Bank (EIB) for the implementation of several projects in the transport sector. Several local sources said, quoting a statement from the Egyptian Ministry of Transport.
Concretely, the funds will be used to launch the rehabilitation works of the Raml tram in Alexandria for 138 million euros. They will also be used to implement the electrification project of the Abu Qir / Alexandria rail line for 750 million euros and finally, to renovate line 2 of the Cairo metro for 240 million euros.
The announcement is part of the Egyptian government’s strategy to accelerate investment in infrastructure to develop a country, whose large cities are currently experiencing a population explosion. In this sense, the authorities have increased loans and partnerships with multilateral development institutions.
According to the Egyptian authorities, the funds will be disbursed in two installments. A first financing of € 600 million will be granted next December while the second, of € 528 million, will be made in January 2021.
Source Ecofin Agency
