EBRD to extend €250M loan to finance 1st high-capacity metro line in Alexandria – Egypt Today

EBRD to extend €250M loan to finance 1st high-capacity metro line in Alexandria – Egypt Today

CAIRO - 7 March 2022: The European Bank for Reconstruction and Development (EBRD) announced Monday that it will extend a €250 million loan to finance the upgrade of an existing rail line between downtown Alexandria and the north-eastern town of Abou Qir. The EBRD elaborated in a statement that the upgrade of the infrastructure and electrification of an existing rail line will make it the first high-capacity metro line in Alexandria. This loan comes under the EBRD Green Cities program. The EBRD noted that the improvements will cover the requisite rail systems, including signaling, telecommunications and centralized controls, as well as the rolling stock for the new line. The investment will support Egypt’s transition to an energy-efficient, low-carbon economy, decrease CO2 emissions and reduce congestion. The upgraded line will also improve public services, significantly increasing capacity and the level of service needed to cater for future demand, the bank pointed out. The EBRD’s funds are part of a €1.76 billion package co-financed by the European Investment Bank, Agence Française de Développement and Asian Infrastructure Investment Bank. 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