Cairo – Mubasher: Egypt’s Minister of Transport, Kamel El-Wazir, met with officials of the European Investment Bank (EIB) to discuss the possible means of cooperation in the transportation sector.
The two sides discussed the EUR 1.128 billion framework funding agreement slated to be signed with the bank to finance several urban transport infrastructure projects, according to a statement on Monday.
They agreed on signing the executive agreement for investment cooperation in two phases; the first agreement, valued at EUR 600 million, will be signed at the end of December and the second agreement worth EUR 528 million will be signed in January 2021.
The funding will be directed to several projects, including the rehabilitation of Alexandria Raml Tram with a value of EUR 138 million and the development of Abu Qir railway into an electric metro with a value of EUR 750 million.
