President Sisi approves $400M loan from World Bank for logistics project

CAIRO - 21 September 2023: President Abdel Fattah al-Sisi has approved Thursday a $400 million loan agreement with the World Bank for a logistics project aimed at enhancing trade between Cairo and Alexandria.

 

According to the terms of the agreement, this amount can be converted into other currencies as needed to support the project's financing.

 

The Ministry of Transport will oversee the project, with the Egyptian Railway Authority representing Egypt before the World Bank.

 

The objectives of this project include improving logistics and transportation services and reducing carbon emissions in both sectors along the Alexandria - 6th of October - Greater Cairo railway line.

 

The project involves the refurbishment of the railway sector, project implementation, private sector participation, railway sector reform, and the development and adoption of a transparent fee collection plan for the use of the Egyptian railway infrastructure, including the formulation and adoption of the necessary regulations and controls to support the implementation of this plan.

 

It also includes the expansion of railroads, the modernization of railway signal systems, and specific track upgrades to create a railway branch around the Greater Cairo area and establish a new link from the Beshayl line to Itay El Barud to the Marazeek - Al Wahat line, all covered by the loan.

 

In addition, there will be updates to the Marazeek - Al Wahat line, including the modernization of the current tracks and signal systems over a distance of approximately 70 kilometers on the Al Wahat line.