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Wednesday, 11 May 2016

EBRD to earmark USD 250 mn for Heliopolis tram link, inks separate MoU on irrigation

The European Bank for Reconstruction and Development (EBRD) signed two MoUs with the International Cooperation Ministry. The first MoU entails a USD 250 mn package “to contribute to the rehabilitation of the Heliopolis tram link between the Ramsis and Almaza areas in Cairo.” The package will be divided into two tranches, the first is a USD 125 mn loan that will be directed to finance infrastructure works to be implemented by the National Authority for Tunnels and a similar amount will go “potentially to a private company for the procurement of rolling stock and for the operation and maintenance of the fleet.” As part of the second MoU, the EBRD will participate in a program developed by the Water Resources Ministry “for the modernisation of the irrigation system to increase the efficiency and quality of services.”

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