President Abdel Fattah El-Sisi has approved decision No. 531 for the year 2022 to ratify a simplified agreement between the government of the Arab Republic of Egypt and the French Development Agency (AFD) regarding a 250 million euro loan for the construction of the Abu Qir Alexandria metro project. The decision was published in the official gazette.

The loan agreement, which will be disbursed in two tranches, will finance the construction of the Abu Qir metro line, which will connect the city of Alexandria with the eastern suburb of Abu Qir. The project is expected to reduce traffic congestion, improve mobility, and enhance the quality of life for residents.

The decision was endorsed by the House of Representatives in its meeting on February 13, 2023.

This loan agreement is part of Egypt's efforts to expand and upgrade its transportation infrastructure, which is essential for economic growth and development.

The Abu Qir Alexandria metro project is expected to create jobs and boost economic activity in the region.

The move comes as part of Sisi's broader efforts to modernize and expand the country's infrastructure, which he sees as key to boosting the economy and attracting foreign investment.

The new metro line is expected to provide a much-needed transportation link between the city's eastern and western districts, helping to ease traffic congestion and reduce commuting times for residents.

The decision was welcomed by many in the country, who see it as a positive step towards economic growth and development. It is also seen as a sign of the country's commitment to working with foreign partners to achieve its goals.