LONDON, 22-5-2014 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is investing in the modernisation of Egypt’s railway system with funding that will improve journeys for millions of passengers on the country’s busy trains.
A €126 million loan from the Bank will help fund the purchase of new rolling stock that will run on the line between Cairo and Alexandria. The improvements will raise safety levels and provide a more reliable and faster passenger service.
The extra carriages will reduce overcrowding on trains and also help to cut road congestion by attracting more people to the railways.
The financing will also aim to improve maintenance standards, through increased engagement with the private sector.
EBRD Managing Director for Infrastructure, Thomas Maier, said: “Our investments in Egypt are aimed at strengthening economic fundamentals and also at raising the quality of life for the people who live here. With the modernisation of a key transport sector such as the railways we aim to achieve both goals.”
Technical cooperation activities for this project have been funded by the EU Neighbourhood Investment Facility, the SEMED Cooperation Funds Account and the SEMED Multi-Donor Account.
The EBRD has so far invested €334 million for 10 projects in Egypt in various sectors. The Bank has also initiated technical assistance support programmes for the benefit of approximately 136 small and medium-sized Egyptian enterprises.
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