INFRASTRUCTURE WATCH- European funding in the pipeline for Cairo Metro Line One, dry ports, desalination plant and Alexandria tram
INFRASTRUCTURE WATCH- European funding in the pipeline for Cairo Metro Line One, dry ports, desalination plant and Alexandria tram: The Transport Ministry expects to sign in May a EUR 600 mn loan agreement with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the French Development Agency (AFD) to finance the infrastructure of Cairo Metro Line 1, Al Mal reports. According to the agreement, the National Authority for Tunnels will contribute an additional EUR 100 mn for the project.
The EBRD is also planning to fund six dry ports and a desalination plant in Egypt this year under a plan to invest EUR 1.5 bn in the country in 2018, Managing Director for the Southern and Eastern Mediterranean region, Janet Heckman, told Al Mal, without elaborating.
The Transport ministry will sign a separate EUR 237 mn loan agreement with the EIB and AFD to finance the Alexandria tram project in September. The AFD has also facilitated a EUR 8 mn grant to fund the technical studies for the project, and is expected to sign the contract for the funding next month.