The European Bank for Reconstruction and Development (EBRD) has approved the provision of a sovereign loan to Egypt for financing the Alexandria metro project.

The project involves the upgrade of the existing rail line between downtown Alexandria and the north-eastern district of Abu Qir into a high-capacity metro. The loan will be up to EUR250 million (US$283.84 million) and will be directed to the implementation of infrastructure works to modernize and electrify the railway and implement related systems, such as the upgrade of signaling, communication and central control systems, and the provision of new railway cars.

The metro modernization project is consistent with the Bank’s strategy for Egypt, especially with its priorities to improve the quality and sustainability of infrastructure services in the country.