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Beijing-headquartered Multilateral Cooperation Centre for Development Finance (MCDF) has approved a $420,000 grant to support the development of the Alexandria–Abou Qir Metro Line Extension project in Egypt.
The grant was approved during the Governing Committee's meeting in Beijing on 10 June and will support preparatory activities for the metro project, which is expected to be financed by the Asian Infrastructure Investment Bank (AIIB) and development finance partners and implemented by Egypt's National Authority for Tunnels (NAT).
The grant will fund technical, environmental and social assessments, climate resilience studies and institutional reviews aimed at improving the project's quality, bankability and readiness for financing.
The project involves the upgrade and electrification of the existing east-west rail corridor linking Abou Qir Station, which serves Alexandria's port area, with Misr Station (Phase 1), the city's principal railway and logistics hub.
More than 75 percent of Egypt's maritime trade passes through Alexandria's port facilities.
The existing corridor will be converted into a high-capacity, low-carbon metro system designed to strengthen integration between Alexandria's urban core, ports, industrial zones and future airport connections.
The Alexandria-Abou Qir Metro Line Extension Project is also planned to connect with the Electric Express Train Green Line at Borg El Arab International Airport.
According to MCDF, the project is expected to reduce traffic congestion, shorten travel times, improve logistics efficiency and support regional connectivity and sustainable urban development.
MCDF said the grant-supported activities will help prepare the project for appraisal and potential financing by AIIB, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and Agence Française de Développement (AFD).
(Writing by SA Kader; Editing by Anoop Menon)
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