CAIRO: Minister of Transport Ibrahim el-Demeiry witnessed signing an agreement between Egypt’s Railway Authority, the European Bank for Reconstruction and Development (EBRD) and Ministry of International Cooperation Friday, Mubasher reported.
The agreement’s goal is to finance the import of six new trains to the railway authority at the value of €126 million ($171 million.)
Demeiry said in a statement on the ministry website that the agreement aims to develop the railway system, increase its trains and safety factors.
The loan will be dedicated to buying trains to work on the Cairo-Alexandria line, Al Mal reported.
The Managing Director in charge of the infrastructure sector at the EBRD Thomas Maier that the bank’s investments aim to raise the quality of life of citizens through improving the railway sector.