Nasr signs loan agreement with AFD in Raml station development

CAIRO – 17 May 2017: A €100 million ($111 million) loan agreement to rejuvenate Alexandria’s most renowned Al-Raml Railway station with Agence Francaise De Developpement (AFD) has been signed by the Minister of Investment and International Cooperation Sahar Nasr, according to a Tuesday statement.

The statement highlighted that the funding is set to be worth a sum of €360 million, €80 million of which will be paid in the Egyptian pound. The European Investment Bank showed its willingness to extend €180 million to the total fundings.

The signing was witnessed by Minister of Transportation Hesham Arafat, who praised the efforts exerted by the Ministry of investment to promote the transportation sector.

The funding is scheduled to contribute to the government’s plan to extend the rail line in order to build a new 900-meter long station between Al-Raml and Ahmed Oraby Squares.

Nasr pointed out that the project will help make the train journey faster and shorten the travel time from an hour to half an hour, adding that the project was primarily based upon studies conducted by major European transportation companies.

Additionally, the French Ambassador praised the mutual relation, confirming that France will continue to show its support to the Egyptian economy.