CAIRO – 7 September 2023: According to a statement from the Egyptian Cabinet, Orascom Construction and Colas Rail have entered into an agreement with the National Authority for Tunnels to transform Alexandria's Abu Qir railway into an underground metro.
The project is being financed with a total of EUR 1 billion, provided by the European Investment Bank and the European Bank for Reconstruction and Development (EBRD). Egypt is also contributing 15 percent of the project's overall cost through direct financing, as reported by local media.
The Minister of Transport has emphasized that the implementation of the Abu Qir metro line is part of Egypt's broader efforts to enhance its rail transportation network.
In recent news, Manufacturing Commercial Vehicles Company (MCV) has signed a partnership agreement with the Swedish multinational manufacturer VOLVO. The collaboration aims to manufacture electric buses in Egypt and export them to European markets.
As per the agreement, 50 percent of the components used in the e-buses will be locally produced in Egypt. This partnership seeks to strengthen cooperation between Egyptian and Swedish companies and contribute to the localization of Egypt's transportation sector.
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