Egypt, EIB Sign Agreement to Fund 3 Transport ProjectsSource: www.export-egypt.com 12/29/2020, Location: Africa |
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International Cooperation Minister Rania el Mashat and Flavia Palanza, the Director of Operations in EU Neighboring Countries at the European Investment Bank (EIB), have signed an agreement worth 1.1 billion euros to fund a plan to improve the urban transport infrastructure across Egypt.
The funding will cover three projects: one to turn the Abu Qir train tracks into a metro line extending over 22 kilometers, another to renovate the 13km tram line in Raml district of Alexandria, and a third to restore the 23km second metro line. The three projects are meant to upgrade the transport infrastructure for Egypt to have a sustainable system. Mashat hailed as “strategic” the partnership between Egypt and the EIB, which is meant to support the 2030 national development agenda. Indeed, the partnership with the EIB has resulted in the implementation of several projects that supported social and economic development and helped create jobs for youth, Mashaat said. She put at about 10.6 billion euros the total value of EIB funding in Egypt. The EIB is expected, through its Economic Resilience Initiative, to provide grants with the aim to technically assist the implementation of the three projects, the minister said. |
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