CAIRO - 24 May 2022: Egypt’s Minister of International Cooperation, Rania Al-Mashat, announced the approval of the House of Representatives, in its session today, of two agreements, the first with the European Bank for Reconstruction and Development (EBRD) regarding the “Alexandria Metro”, and the second with the German government regarding “the rehabilitation of hydropower stations – Phase II.”
The House of Representatives approved the decision of the President of the Arab Republic of Egypt No. 122 of 2022 regarding the approval of a loan agreement (Alexandria Metro) between Egypt and the EBRD in the amount of €250 million, signed in Cairo on Dec. 27, 2021, according to a statement.
The House of Representatives also approved the Decision of the President of the Arab Republic of Egypt No. 120 of 2022 regarding the approval of exchanged letters between the Government of the Arab Republic of Egypt and the Government of the Federal Republic of Germany regarding an additional loan amounting to €15 million as an increase in the funds of the project “Rehabilitation of Hydropower Stations - Phase II Signed in Cairo on Nov. 10, 2021 and Dec. 14, 2021.
Commenting on the approval of the two agreements, Rania Al-Mashat, Minister of International Cooperation, said that the first agreement aims to help finance a project to develop an existing railway linking the city center of Alexandria with the Abu Qir area, which is located in the north-east of the governorate, and providing it with electricity to become a highly efficient metro system.
The project consists of infrastructure works for the development of the line, its electrification and related railway systems (including the development of signaling, communication and central control systems) - the railway cars that will be operated on the new metro line.
The Minister of International Cooperation praised the huge investments of the European Bank for Reconstruction and Development in Egypt, which amounted to about €8.6 billion since 2012, in 145 projects, more than 76 percent of these funds were directed to the private sector.
Egypt was also the largest country of operations in the Southern and Eastern Mediterranean region during 2018, 2019, 2020 and 2021.
Commenting on the second agreement with the German government, the Minister of International Cooperation confirmed that the size of the development cooperation portfolio with Germany amounted to €1.7 billion, in four sectors with the aim of achieving sustainable development goals: energy efficiency, renewable energy, sanitation, water subsidy, irrigation, solid waste management, migration, labor market, private sector support, technical education, vocational training, urban development, administrative reform, women, youth and community development.