€100m French fi­nance fa­cil­ity to de­velop El-Raml tram

The new project will cost €360m and serve 100 mil­lion pas­sen­gers an­nu­ally

The Daily News Egypt - - Front Page - By El­sayed Soly­man

The French De­vel­op­ment Agency (AFD) has signed a €100m fi­nance agree­ment with the Egyp­tian govern­ment to de­velop El-Raml tram in Alexan­dria, the Min­istry of In­vest­ment said in a press re­lease on Tues­day.

“The new project aims at de­vel­op­ing the old tram and build­ing and new 900-me­tre-long sta­tion be­tween Al-Raml and El-Man­shia,” the press re­lease ex­plained.

Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr said that the new project will cut the jour­ney time by half and is ex­pected to serve 75-100 mil­lion pas­sen­gers yearly.

The cost of the project will be €360m, with Euro­pean In­vest­ment Bank to fi­nance around €180m, while AFD will sup­ply a fi­nance fa­cil­ity of €100m. The Egyp­tian govern­ment will se­cure only €80m.

Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion Sa­har Nasr

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