EBRD approves $297mln loan for Egypt’s Abu Qir metro project

The project will be implemented by the National Authority for Tunnels (NAT)

  
Image used for illustrative purpose. A worker places parts during the installation of the railway tracks in the NEAT Gotthard Base tunnel near Faido May 12, 2014. Crossing the Alps, the world's longest train tunnel should become operational at the end of 2016. The project consists of two parallel single track tunnels, each of a length of 57 km (35 miles).

Image used for illustrative purpose. A worker places parts during the installation of the railway tracks in the NEAT Gotthard Base tunnel near Faido May 12, 2014. Crossing the Alps, the world's longest train tunnel should become operational at the end of 2016. The project consists of two parallel single track tunnels, each of a length of 57 km (35 miles).

REUTERS/Arnd Wiegmann

The European Bank for Reconstruction and Development (EBRD) has approved a formal loan request from the government for €250m to partially fund a project to convert Alexandria’s Abu Qir railway into an underground metro.

The existing railway connects downtown Alexandria with Abu Qir, north-east of the city.

The EBRD loan will finance infrastructure works and relevant rail system upgrades, including signalling, telecommunications, and centralised control systems.

The loan is part of an investment package estimated at €1.6bn, which is expected to be co-financed by the European Investment Bank, the French Development Agency, and the Asian Infrastructure Investment Bank.

The project will be implemented by the National Authority for Tunnels (NAT), a state-owned executive agency affiliated to the Ministry of Transportation.

The Abu Qir metro will help Egypt promote its green transition in transport through shifting an individually operated railway into a sustainable, accessible, and inclusive public transport means.

The operation of the new metro will be assigned through a long-term contract to an experienced metro operator following its completion, which will support the private sector involvement in urban transport service provision.

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