Cabinet approves €8M loan to develop railways

CAIRO - 9 may 2018: Transport Minister Hisham Arafat said that the cabinet approved during its Wednesday meeting eight-million-euro loan from Austria with grace period of 66 months to develop the railways.

During a press conference on Wednesday following the cabinet's meeting under Prime Minister Sherif Ismail, Arafat underlined that maintaining the rail rods will take 36 months.

Security rates will increase once these ventures are finalized within the framework of directives by the political leadership, the minister added.

Maintaining railways in the lines of Cairo, Alexandria, Banha, Zagazig and Port Said will be finalized by January 2020, he said.