Friday 15 January 2021
Last update on Friday, January 15, 2021 At 11:25 AM
The Arab Republic of Egypt and the European Investment Bank (EIB) signed an agreement worth 1.128 billion euros to support investments in the renovation and extension of metro and tram networks in Alexandria and in Cairo. It concerns three major projects.
The EIB financing will help to improve the quality of the public transport offer in the two cities, where 30 to 35% of the country’s population live and work.
EIB financing supports three large-scale projects. The first investment supports the renovation and extension of the 13.8 km long El-Raml tram in Alexandria. The second will support the rehabilitation and modernization of a 22 km underused urban railroad in Alexandria by high frequency metro, adding stations and improving road safety by removing level crossings. The third project will support the rehabilitation of Cairo Metro Line 2, 23 km long, which has been in service for 23 years and requires urgent upgrades to its electrical and mechanical systems.
The EIB financing contract will be signed in two installments, one for 600 million euros and another for 528 million euros.
“The renovation and extension of transport infrastructure are among the major actions that we are carrying out as part of our policy. With over half a million passengers a day, we are not only reshaping Egypt’s economic geography, but also targeting social and environmental goals to drive sustainable growth. We appreciate our partnership with the EIB “said Rania A. Al-Mashat, Minister of International Relations and Cooperation of the Arab Republic of Egypt.
And Flavia Palanza, Director of the EIB added: “As an EU bank, we prioritize clean urban transport projects such as trams and metros. This large-scale funding meets the ambitious goals of the Egyptian government to improve the lives of citizens by building sustainable transport infrastructure and reducing CO 2 emissions. We look forward to implementing these investment projects with our partners. Egyptians ”.
For the Ambassador of the European Union to Egypt, Christian Berger, “Sustainable urban mobility will contribute to our well-being and our quality of life. The Egyptian government and our EIB partners have gone to great lengths to provide green, affordable and safe transport to Egyptian citizens to facilitate travel in rapidly developing urban areas. The EU is committed to supporting green growth in Egypt, in line with the spirit of the European Green Deal. Green, clean and sustainable transport will reduce environmental impact and socio-economic costs and has a strong potential for job creation ”.
