COP 27: Egypt’s secures $2.24bln in funds for sustainability projects
- Date: 09-Nov-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
COP 27: Egypt’s secures $2.24bln in funds for sustainability projects
The Egyptian Ministry of International Cooperation announced on Tuesday that it has secured development loans and grants totalling $2.24 billion to implement sustainable projects in transportation, water, renewable energy, food security, and environment.
Transportation
· $279 million loan and a $2 million grant from the European Bank for Reconstruction and Development for upgrading and renovating Lin2 of Cairo Metro.
· $278 million loan from French Development Agency AFD to finance the upgrade and electrification of existing 22-km railway line between Alexandria and north-eastern town Abou Qir and convert it into a high-capacity metro line.
· $177 million loan from Spain [Spanish export agency FIEM] to implement a project to modernise 23 trains of the 44-km Line 1 of the Cairo Metro
· $400 million in funding from the World Bank for Cairo Alexandria Trade Logistics Development Project. The project includes implementing a railway bypass to the congested Alexandria–the 6th of October–Greater Cairo Area (GCA) railway corridor and upgrading the track and signalling on four segments.
Sustainable Water Resources Management
· $12 million grant from the German Agency for International Cooperation (GIZ) for the Nile Delta Water Management Program project.
· $1 million grant from Switzerland for Drinking Water Management Project in Upper Egypt – Phase 2.
· $50 million