The Egyptian government is currently negotiating with several international financing institutions to secure a $2.1 billion concessional loan for the implementation of the second high-speed rail line, two government officials told Asharq Business.

The potential lenders include, the Italian Export Credit Agency and the German state-owned KfW Bank, one source noted.

On a related note, five international firms are competing for a deal on supplying 21 trains for the first phase of Alexandria metro project at an estimated cost of up to $400 million, the sources said.

The companies are the French Alstom, South Korea’s Hyundai, Spanish CAF, China’s CRRC, and Russian-based Transmashholding.

The firms submitted technical and financial offers, along with concessional loans from European and Asian financial institutions to finance the trains’ manufacturing, one source pointed out.

This is in addition to the funding to be offered by the Egyptian National Railways (ENR) to the winner by mid-2024, he added.

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