Egypt, EIB Plan Financing Worth $1.3bn For The Transportation Sector

Funding will go towards rehabilitating a tram line and a railway line in Alexandria and a line in Cairo's underground metro
Egypt and the European Investment Bank (EIB) discussed activating the financing earmarked for three projects aimed at improving the transportation sector in the country, the Ministry of International Cooperation has said.
The funding worth €1.1bn (about $1.29bn) has been recently approved for the National Authority for Tunnels to cover rehabilitating a tram line and a railway line in the Mediterranean city of Alexandria and a line in Cairo's underground metro, according to the statement published on the ministry's Facebook page late Sunday.
EIB's director of operations for neighboring countries Flavia Palanza said "the bank will continue providing financial and technical support for Egypt’s development plans, with a focus on sustainable infrastructure and social inclusion," according to the statement.
Egypt and EIB have already signed several agreements in the first half of this year including one worth €122.7m ($143m) for water and transportation sectors and another one for €100m (about $117m) to support small and medium enterprises by Banque du Caire.
EIB has been working with Egypt since 1979 and the total of agreements signed since is worth €9.7bn ($11.3bn) focusing on sustainable development and supporting the private sector.
Egypt's transportation sector has been beset by corruption and deadly accidents and it was among the country's weakest assets but there are ongoing steps to tackle this problem.
According to the General Authority for Investments and Free Zones, Egypt has climbed from the 118th in 2014 in the global roads quality ranking to 75th in 2018 thanks in part to increased funding for the transportation sector.
Investments worth LE77bn (aboout $4.8bn) have been directed to the sector in 2018/19 as part of 2018/2022 medium-term plan of sustainable development.
Race For Private Markets Firms To Establish UAE Office Gets Hotter
EQT, Eurazeo, Pollen Street, Baron Capital and Silver Point – with collective AUM of over $700bn – expanding in Abu... Read more
Qatar Tax Authority Exempts $247m In Penalties For 4,000 Companies
Qatar announces success of tax penalty exemptions Read more
ADIA Reportedly Eyeing 30% Stake Acquisition In Aggreko
Bloomberg reports that KKR and CVC Capital Partners also interested in a deal that could value the Glasgow-based compan... Read more
Dubai Taxis Now Accept American Express Payments
The taxi companies included in the agreement are National Taxi, Arabia Taxi, Kabi Taxi, Dubai Taxi Corporation, and Met... Read more
Saudis ACWA Powers $1.9bn Rights Issue Approved By Shareholders
Company earmarks nearly $1.59bn for financing current and future projects and up to $380mn for mergers and acquisitions Read more
Abu Dhabi SME Champions Program Delivers $183m In Deals, Boosts Procurement Opportunities
Khalifa Fund’s SME Champions Program enabled 652 deals worth $183m by 2024, with registered companies nearly tripling... Read more