The Egyptian National Authority for Tunnels (NAT) is seeking to borrow EGP 16.3 billion from a consortium of local banks to finance the remaining civil construction works of the first line of the high-speed electric railway network, three sources familiar with the matter told Asharq Business.

The banking consortium is led by the National Bank of Egypt (NBE), the sources said.

The Ministry of Finance has provided a guarantee for the anticipated loan, via which the project’s construction work are targeted to be accelerated in 21 stations across 675 kilometers, one of the sources said.

The trial operation of the project is slated for the end of 2024 or in early 2025, the source noted.

The other two sources stressed that the loan agreement will be concluded before the end of the second quarter (Q2) of this year.


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