Orascom Construction announced on Thursday that its consortium with Colas Rail has signed an Engineering, Procurement and Construction (EPC) contract with the National Authority for Tunnels (NAT) to build a new regional metro system in Alexandria, Egypt.

Orascom Construction and Colas Rail will deliver a new electrified metro system while Thales will provide the signalling, telecommunication and automatic fare collection packages for the project.

This 21.7-km project encompasses 20 stations and will connect downtown Alexandria with the northeastern town of Abu Qir.

The total contract value for the project amounts to approximately €1.3 billion ($1.4 billion) with funding provided by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), L’Agence française de développement (AFD), and the Asian Infrastructure Investment Bank (AIIB).

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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