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Egyptian President Abdel Fattah El-Sisi Approves New Loan for Transport Ministry
Egyptian President Abdel Fattah El-Sisi approved a new loan to finance the Egyptian Ministry of Transport from several European banks to create a new project.
First Stage of High-Speed Electric Train Network
The Ministry of Transport intends to complete the project to create the first stage of a network of high-speed electric trains. The project aims to improve transportation in the country and boost the economy.
The cost of the first loan is about 1.9 billion euros, guaranteed by the German Export Development Authority. As for the second loan, it amounts to 268.8 million euros guaranteed by the Italian Agency for Export Development.
The loan includes funding for the construction phase of the first line between (Ain Sokhna – Alexandria – El Alamein – Matrouh).
Approval of Financing Agreements
The Official Gazette of Egypt published the decision of the President of Egypt to approve the financing (loan) agreements that were signed by the Ministry of Transport, represented by the National Tunnel Authority, which were presented by several European banks.
The approval of this loan is a significant step towards improving transportation infrastructure in Egypt. With the construction of the first line of the high-speed electric train network, it is expected to reduce travel time and facilitate the movement of people and goods across the country.
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