World Bank to provide USD 500 mn loan to upgrade Imbaba-Alex railway
World Bank to provide USD 500 mn loan to upgrade Imbaba-Alex railway: The Transport Ministry reached an agreement with the World Bank for a USD 500 mn soft loan to add a duplicate set of tracks to the Imbaba-Mansheya-Alexandria railway line, Al Mal reports, citing unnamed sources familiar with the matter. The project is expected to be completed within 24 months of receiving the loan, they added. The bank said in October that it could provide as much as USD 250 mn toward upgrading the Alexandria-Cairo-Nagaa Hammadi line, involving new signaling and tracks.
It has been a busy couple of weeks as far as Egypt’s railways are concerned: Last month’s TransMea conference saw a series of agreements signed that aim to upgrade the nation’s ailing rail network. These included new finance for the Tenth of Ramadan-new capital electric railway, a new signalling control center, and the creation of the National Egyptian Company for Railroad Industries, which will invest USD 10 bn in the coming years to kick-start local assembly and refurbing of locomotives.