Transport Egypt gets $110m French funding for tramway project By Pramod Kumar August 1, 2023, 5:26 AM Creative Commons The new project aims to develop the old tram and build a new 900-metre-long station between Al-Raml and El-Manshia The French Development Agency (AFD) has signed a €100 million ($109.87 million) finance agreement with the Egyptian government to develop the El-Raml tram in Alexandria. The new project aims to develop the old tram and build a new 900-metre-long station between Al-Raml and El-Manshia, Daily News Egypt newspaper reported citing a ministry of investment statement. Egypt plans fertiliser complex with help from China and Italy Egypt rations electricity to tackle power shortages Minister of investment and international cooperation Sahar Nasr noted that the new project will cut the journey time by half and is anticipated to serve 75-100 million passengers yearly. The project cost will be €360 million and European Investment Bank (EIB) will finance around €180 million. The Egyptian government will contribute €80 million. This project is part of EIB’s economic resilience initiative (ERI) aimed at reinforcing the economic resilience in the southern neighbourhood countries and developing the economic and social infrastructure. In April 2023, President Abdel Fatah Al Sisi ratified the agreement between Egypt and AFD on €250 million in financing for establishing Abou Kir Metro in Alexandria, according to local media reports. The metro line includes the addition of five new stations to the existing 15. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
