We’re getting EUR 316 mn from European development partners for railway upgrades: The European Investment Bank and the French Development Agency (AFD) have signed agreements with the Egyptian government to help finance upgrades to the Tanta-Mansoura-Damietta railway line, according to the EIB’s website and an AFD statement (pdf). The EIB is extending an EUR 221 mn loan, while the AFD will lend EUR 95 mn to the project.

What rail upgrades? The project involves double-tracking a 65-km stretch of the 118 km line and installing an automated signaling system. The upgrades are set to improve reliability and safety for passengers, increase the capacity to transport goods to and from the port of Damietta, and reduce carbon emissions, the AFD statement reads. The two lenders have been considering financing the project since at least 2019 (here and here.)

ELECTRIC VEHICLES AS A SERVICE?

EV subscription startup eyes our market: Nigerian vehicle subscription startup Metro Africa Xpress (MAX) is looking to raise USD 100 mn by the end of 2023 to help it bring electric vehicle (EV) subscription to ten African countries including Egypt, Director of International Expansion David Hoyme told Bloomberg.

About MAX: Launched in 2015, the startup offers commercial drivers subscriptions for low- and no-emission vehicles. The company currently operates in Nigeria and Ghana with a 9k-strong fleet of sedans and tuk-tuks.

Our EV scene has been gaining momentum: Egypt is expected to start working on its first locally manufactured EV next year, once state-owned El Nasr Automotive wraps up a protracted search for a partner to help produce them. Al Mansour Auto and GM are also looking at partnering to locally assemble up to 15k EVs in Egypt over the next three years. Meanwhile, the government is working on plans to establish a nationwide charging network — with our friends at renewable energy player Infinity to set up 6k vehicle charging points at 3k stations across the country.

REMEMBER- Incentives for the local EV industry will be a part of the long-awaited automotive strategy, which could drop within weeks.

Other transport stories worth noting this morning:

• DiDi Egypt introduced its first motorcycle ride-hailing service as it marks one year of operations in the local market. (Al Mal)
• Saudi-Egyptian maritime pact: Egypt and Saudi Arabia signed an MoU for mutual recognition of seafarers’ qualifications. (Statement)