Egypt gets $440mln World Bank loan to support rail network

Egypt gets $440mln World Bank loan to support rail network

Egypt gets $440mln World Bank loan to support rail network Egyptian National Railways will put $241mln into the project on the Cairo-Giza-Beni Suef section of the network    Image used for illustrative purpose. A worker checks rails in the metro tunnel dug under the Nile river by special boring machines nicknamed "Nefertiti" and "Hatshepsut" after two ancient Egyptian queens. Picture taken June 16. CAIRO - The World Bank has approved a $440 million loan to modernise signalling and upgrade track on 763 km of Egypt's 5,000 km rail network, the bank said in a statement.Egyptian National Railways (ENR) will put $241 million into the project on the Cairo-Giza-Beni Suef section of the network, bringing the total cost to $681 million, the World Bank said.Obstacles faced by ENR showed there was "margin for improving its performance, namely in the realms of operations, cost recovery, maintenance, and customer service", it said.Egypt has focused heavily on investment in transport and urban development infrastructure, seeking development finance to help fund the projects.(Reporting by Aidan Lewis) (([email protected]; +20-1001174410;))Zawya Coveragemorning briefingSunday Outlook: Wall Street stumbles on jobs data, global equity markets flatoil and gasADNOC, Korea's GS Energy to explore opportunities to grow Abu Dhabi's hydrogen economypetrochemicalsSaudi