A financing package of €1.128 billion from the European Investment Bank (EIB) will officially be earmarked for Egypt when the country’s Transport Ministry signs contracts for the funding in December and January, according to a cabinet statement.
The financing is designed for public transport projects in the North African country.
The signing of the contract for the first € 600 million tranche is scheduled for next month, while the second €528 million tranche will be into effect in January 2021.
Three projects will get funding, with € 138 mn going towards the renovations of the Raml tram in Alexandria, €750 mn to the electrification of the Abu Qir-Alexandria railway, and € 240 mn will be allocated for the extension of Cairo Metro Line 2.
The loan is part of a larger € 1.9 bn facility, with the remaining EUR 800 mn to be used for “covid-19 related business investment,” International Cooperation Minister Rania Al Mashat had said.
