The European Investment Bank and the European Bank for Reconstruction and Development (EBRD) are providing a combined EUR 1 billion in finance for the project. Egypt will directly finance 15% of the project’s total cost, local media reported.
Orascom Construction, Colas Rail signed an agreement with the National Authority for Tunnels to convert Alexandria’s Abu Qir railway into an underground metro, according to a statement issued by the Egyptian Cabinet.
The European Investment Bank and the European Bank for Reconstruction and Development (EBRD) are providing a combined EUR 1 billion in finance for the project. Egypt will directly finance 15% of the project’s total cost, local media reported.
The Minister of Transport stated that the implementation of the Abu Qir metro line comes within its framework to develop rail transport lines within Egypt.
Earlier this week, Manufacturing Commercial Vehicles Company (MCV) signed an agreement with Swedish multinational manufacturer VOLVO to produce electrical busses and export them to European markets.
Under the agreement, 50% of the e-busses’ components will be locally produced in Egypt. The agreement aims to boost cooperation between the Egyptian and Swedish companies and will contribute to the localization of the Egyptian transportation field in Egypt.
