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Monday, 28 October 2019

EIB considers EUR 90 mn loan for Tanta-Damietta railway upgrade

The European Investment Bank (EIB) is looking at extending a EUR 90 mn loan to the government to upgrade the Tanta-Mansoura-Damietta railway line, according to its website. The project is expected to cost a total of EUR 193 mn, and involves double-tracking a 65 km stretch of line and installing an automated signaling system. It could also provide additional investment to renovate railway stations, and establish a new freight yard and railway link to Damietta port.

In related news: An unnamed US company has offered to finance and supply new safety equipment worth USD 45 mn to the Railway Authority, a source told Al Mal. The equipment would be used to detect faulty lines and conduct safety tests, and the company would provide the finance via a soft loan, the source said, without providing further details.

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