The World Bank has approved a $440 million loan to modernize signaling and upgrade track on 763 kilometer of Egypt’s 5,000 kilometer rail network, the bank said in a statement.
Egyptian National Railways (ENR) will put $241 million into the project on the Cairo-Giza-Beni Suef section of the network, bringing the total cost to $681 million, the World Bank said.
Obstacles faced by ENR showed there was “margin for improving its performance, namely in the realms of operations, cost recovery, maintenance, and customer service”, it said.
Egypt has focused heavily on investment in transport and urban development infrastructure, seeking development finance to help fund the projects.
Egypt to raise around $3 bln through three-tranche bondsEgypt has sold $1.088 billion inone-year, dollar-denominated T-bills with an average yield of 3.39 percent, the central bank said on Monday.For all ... Economy
Egypt opens Rafah border crossing with Gaza ‘until further notice’: SourcesEgypt on Tuesday opened its Rafah border crossing with the Gaza Strip until further notice, Egyptian and Palestinian sources said, a move described as ... Middle East
Egypt will register millions of gig workers for state insurance, aid during pandemicEgypt will start registering millions of gig workers in order to offer them health insurance and emergency state aid during the coronavirus pandemic, ... Coronavirus