EUR 250 Million Loan Approved to Develop Abu Qir Metro Line
This loan will be used to develop Alexandria’s Abu Qir Metro Line and convert it into an electric metro.
The office of the Presidency has issued a decree approving a EUR 250 million loan from the Asian Infrastructure Investment Bank. This loan will be used to develop Alexandria’s Abu Qir Metro Line and convert it into an electric rapid transit system.
The project will involve the upgrade and electrification of the existing Alexandria-Abu Qir Metro Line, and is hoped to further reduce traffic congestion across Alexandria by providing residents with efficient and low-carbon public transportation.
Development work on the metro line already began in 2021, and is expected to continue over three phases until 2028. With this fresh injection of funds, the development project has secured a total of EUR 750 million, with EUR 250 million raised from the European Bank for Reconstruction and Development and Agence Française de Développement each.
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