07 December 2022 06:12 AM

WB approves 400-million-dollar development financing agreement

Monday، 03 October 2022 - 12:58 PM

The World Bank’s Board of Executive Directors approved a 400-million-dollar development financing agreement to enhance the performance of the logistics and transportation sectors in Egypt and to support the shift toward low-carbon transportation along the Alexandria-the 6th of October-Greater Cairo Area (GCA) railway corridor.

The development financing is up to 29 years, including a 7 year grace period, said International Cooperation Minister Rania el Mashat.

The project also supports advancing the government’s reform effort to improve the railway sector’s performance and promote private sector participation, added the minister.

The new project comes in line with directives issued by President Abdel Fattah El Sisi to draw up on the ties with development partners, said the minister.

The Cairo Alexandria Trade Logistics Development Project will implement a railway bypass to the congested GCA. The bypass will provide freight trains between the Alexandria Sea Port and the newly constructed 6th of October Dry Port, with an alternative route to the west of Greater Cairo.

The operational bypass will also allow 15 container trains per day by 2030, and as demand increases, 50 trains by 2060 to this dry port. Additional freight trains will flow between the Alexandria Port, Upper Egypt, and the Red Sea.

 MENA

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