IsDB to finance first phase of Egypt’s high-speed railway with $344.5mln

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Egypt - The board of executive directors of the Islamic Development Bank (IsDB) thumbed up a $344.5 million fund to contribute to the first phase of the high-speed electric train project in Egypt, the IsDB announced on April 1st.

The first phase extending over 660 kilometers will connect Ain Sokhna on the Red Sea to Marsa Matrouh and Alexandria on the Mediterranean with the aim of providing access to safe, affordable, accessible and sustainable transportation systems.

Egypt’s high-speed railway is expected to reduce greenhouse gas emissions by about 250,000 tons of carbon dioxide annually.

The $344.5 million fund to Egypt is part of a financing worth $403 million to support socio-economic development and promote sustainability in member countries, greenlit by the IsDB’s board during its 350th meeting in Jeddah.