Minister of International Cooperation: The European Bank for Reconstruction approves the financing of the Alexandria Metro project, with a value of 250 million euros
Rania Al-Mashat, Minister of International Cooperation, announced the approval of the European Bank for Reconstruction and Development to provide development financing for the Alexandria Metro Project, Abu Qir Line, at a value of 250 million euros, within the framework of the strategic partnership between the government and the Bank to support the country’s development vision in all fields, and to enhance its moves towards transformation. For the green economy, and the development of a sustainable infrastructure for the transport sector.
The Minister of International Cooperation explained, in a statement, that through development financing, which is provided jointly by the European Bank for Reconstruction and Development and other international institutions, for the benefit of the National Authority for Tunnels, infrastructure works will be carried out for the modernization and electrification project of an existing railway linking downtown Alexandria and Abu Dhabi. Kir and its transformation into a metro line.
Al-Mashat added that the new financing supports the state's direction to develop the infrastructure of the transport sector, enhance its sustainability, and push the transition towards a green economy, in which Egypt enjoys a regional leadership through clear plans in various development sectors, such as transport, renewable energy and water, as well as the integrated national strategy. Climate Change 2050, which was launched as part of the United Nations Climate Summit in Glasgow this month, and also reflects the serious steps taken by the country in this regard and its efforts to push international moves towards overcoming climate change and its hosting of the next edition of the United Nations Climate Conference COP27 in Sharm El-Sheikh.
For its part, the European Bank for Reconstruction and Development stated that the new funding will be directed to the implementation of infrastructure works to modernize and electrify the railway line of the project and implement related systems, including the upgrade of signaling, communication and central control systems and the provision of railway cars that will run on the new metro system. The project is consistent with the Bank’s strategy for Egypt and specifically with its priorities to improve the quality and sustainability of infrastructure services in the country by enhancing private sector participation as well as the transition to a green economy by financing the development of greener higher capacities in public transport.