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Monday, 16 December 2019

World Bank, EBRD to lend Egypt USD 1 bn for new Alexandria metro line

World Bank, EBRD to lend Egypt USD 1 bn for new Alexandria metro line: The World Bank and the European Bank for Reconstruction and Development have agreed to provide a USD 1 bn loan to partially finance the project to convert Alexandria’s Abu Qir railway into an underground metro, sources in the Transport Ministry said, according to Al Mal. Authorities are now negotiating the loan’s grace period, interest, and repayment timeline. Sources revealed that separate talks are also ongoing with the Russian, Canadian and Hungarian export-import banks to secure an additional USD 500 mn loan to cover the remaining costs of the USD 1.5-2 bn first phase, which will link Abu Qir in the east to the mid-western Mahatet Masr in Attarin. The Alexandria governorate will launch the tender for the project in 1Q2020.

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