EBRD co-finance infra upgrade, electrification of railway line in Egypt

EBRD co-finance infra upgrade, electrification of railway line in Egypt

The European Bank for Reconstruction and Development (EBRD) announced on Monday that it is extending a €250 million ($272 million) loan to upgrade an existing rail line in Egypt under its Green Cities programme.

The bank said in a statement that it is co-financing infrastructure upgrade and electrification of an existing rail line between downtown Alexandria and the north-eastern town of Abou Qir, making it the first high-capacity metro line in Alexandria.

The improvements will cover the requisite rail systems, including signalling, telecommunications, and centralised controls, as well as the rolling stock for the new line.

The EBRD’s funds are part of a €1.76 billion ($1.9 billion) package co-financed by the European Investment Bank, Agence Française de Développement, and Asian Infrastructure Investment Bank, the statement said.

It said the National Authority for Tunnels (NAT), a state-owned executive agency under the jurisdiction of the Ministry of Transportation, will implement the renovation work using the corridor of an existing railway line currently operated by Egyptian National Railways (ENR).

A private operator will manage the new metro line to ensure a high standard of service.

The Netherlands, through the High Impact Partnership on Climate Action (also supported by Austria, Finland, Switzerland, the TaiwanICDF, and the United Kingdom), will fund