EU to loan Egypt €1.1bn for financing three transport projects
The package will come in two installments. The first tranche will take place in December and valued at €600 million, the Egyptian cabinet said in a statement.
The second installment, €528 million, will be released in January next year.
The funds will finance the renovation works of the Raml tram in Alexandria for €130 million, electrification of the Abu Qir-Alexandria railway to the tune of €750 million and extension of Cairo Metro Line 2 for a budget of €240 million.
The transport projects financing is part of €1.9 billion approved by EIB board for Egypt. The remaining loan facility will go for the support to the small and medium-sized enterprises sector battered by the coronavirus pandemic.