EIB supports Egypt’s transport sector, NBE by €1.9B – Egypttoday

EIB supports Egypt’s transport sector, NBE by €1.9B – Egypttoday

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CAIRO - 19 July 2020: European Investment Bank's (EIB) board of directors approved to provide Egypt with €1.9 billion in funding, Minister of International Cooperation, Rania Al Mashat announced Sunday.

Al-Mashat clarified that €1.1 billion is to finance three projects in the transportation sector with the National Authority for Tunnels, adding that EIB will provide loan of € 800 million to the National Bank of Egypt in support of small and medium enterprises for the post-Covid19 recovery. 

She clarified that the objective of financing the urban transport sector with € 1.1 billion is to enhance the transition from private cars to a more efficient means of transportation through improving and upgrading the urban transportation infrastructure, thereby ensuring the achievement of sustainable cities.

The projects financed within this framework include the renovation and expansion of Raml Tram in Alexandria over a total distance of 13.8 km, the renovation and development of the Abu Qir railway in Alexandria over a distance of 22 km, converting it into an electric metro, and the renovation and development of the Cairo Metro Line 2 over a distance of 23 km, according to the minister.

The Minister further ascertained that the transport