More EBRD finance for the Cairo Metro?
Egypt could receive an EUR 250 mn loan from the European Bank for Reconstruction and Development (EBRD) to finance upgrades at Cairo Metro Line 2, according to the bank’s website. The finance, which would be used to upgrade existing rolling stock and purchase new locomotives, is still being reviewed by the bank and a decision is expected at the end of October.
The loan is part of a larger package that is expected to reach almost EUR 554 mn, the remainder of which will be financed by the European Investment Bank (EIB) and the Egyptian government.
The EBRD is already involved in Line 1: The multilateral lender provided EUR 205 mn to finance work on Line 1 back in 2018, and followed this up this year with a EUR 3 mn grant. The EBRD is also lending the government EUR 250 mn to part finance the project to convert Alexandria’s Abu Qir railway into an underground metro.
IN OTHER DEVELOPMENT NEWS-
Egypt, World Bank discuss development projects: The World Bank’s MENA director for sustainable development was in Cairo last week for talks with International Cooperation Minister Rania Al Mashat to discuss a number of projects being funded by the bank to the tune of USD 5.4 bn, the ministry said in a statement.