CAIRO: The National Investment Bank (NIB) granted Monday the Egyptian National Railways (ENR) a 550 million EGP ($78.5 million) loan to fund development projects, NIB’s Momtaz al-Said was quoted as saying by Mubasher.
The loan comes in the framework of the Ministry of Transportation’s new strategy for developing crossings, electric signaling systems and pedestrian tunnels in order to improve its travel services and curb train accidents, Said said.
After a stimulus package was started in October 2013 by the Ministry of Finance, 600 million EGP out of a total 30 billion EGP was directed for developing 27 railway crossings, bridges and electric signaling systems, he added.
Since the beginning of the current fiscal year, ENR has received 1.2 billion EGP for developing and improving services.
On June 19, Minister of Transportation Hany Dahy met with officials from ENR to discuss ways to implement urgent solutions to improve Egypt’s transportation sector.
“The urgent solutions represent increasing the number of operating trains, extending operational hours, completing halted projects and intensifying the presence of transport police,” Dahy said in a phone call with the state-run Channel 2.
In related news, the Egyptian government signed in March a $106 million deal with the Kuwait Fund for Arab Economic Development to install electric railway signaling along train lines running through Banha, Zagazig, Ismailia and Port Said.