Cairo – Mubasher: The Egyptian Minister of International Cooperation, Rania El-Mashat, signed a financing agreement worth EUR 1.1 billion with Flavia Palanza, Director of EU Neighborhood Countries at European Investment Bank (EIB) to finance three transport projects.
The funding will be directed for the renovation works of the Raml tram in Alexandria at length of 22 kilometres (km), the rehabilitation of the Abu Qir-Alexandria railway at length of 13 km, and rehabilitation of Cairo Metro Line 2 at length of 23 km, according to a statement on Tuesday.
The agreement is part of the EUR 1.9 billion deal signed with EIB in July for supporting transport projects and small-and medium-sized enterprises (SMEs) hit by the coronavirus pandemic.
The current cooperation portfolio of EIB in Egypt reached about EUR 2.1 billion for 16 projects.
