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Tuesday, 11 February 2020

EIB to support infrastructure projects with EUR 123 mn in financing

EIB to provide EUR 123 mn to finance infrastructure projects: The Egyptian government has signed three financing agreements worth EUR 122.7 mn with the European Investment Bank (EIB) to fund infrastructure projects. The bank will provide a EUR 120 mn loan to increase the capacity of the Alexandria West Wastewater Treatment Plant, a EUR 1.5 mn grant to the International Cooperation Ministry for the feasibility study for upgrading the Tanta-Mansoura-Damietta railway, and EUR 1.2 mn will go to the National Authority for Tunnels for a study into upgrading Metro Line 2.

The bank may still extend a EUR 90 mn loan for the Tanta-Damietta railway project floated in October, which remains under appraisal according to its website. The EUR 193 mn project involves double-tracking a 65-km section between Mansoura and Damietta, re-signalling the entire line, and potentially adding a freight yard and freight link to Damietta port.

The agreements were signed during a visit by an EIB delegation to Egypt, during which the bank agreed with the International Cooperation Ministry to focus its funding efforts on transport, education, healthcare, energy and environmental projects.

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