The London-based European Bank for Reconstruction and Development is investing in modernizing Egypt's railway system through a 126 million euro loan.
The project aims to improve journeys for millions of train passengers.
The bank said in a statement that the money will be used to buy new trains for the Cairo-Alexandria line, improve safety and provide faster and more reliable services to passengers.
The statement also said that the new trains will reduce traffic jams on roads by attracting more passengers to use the railway system. That is in addition to improving maintenance standards as well.
“We aim to strengthen economic fundamentals and raise the quality of life by modernizing this main transportation sector,” said Thomas Maier, executive director of the bank’s infrastructure management department.
The technical part of this project was funded by the EU neighboring policy, cooperation funds for Southern and Eastern Mediterranean regions and a number of other donors.
To date, the bank has invested 334 million euros in 10 projects in Egypt, in addition to technical support programs for 136 small and medium-sized projects.
Edited translation from Al-Masry Al-Youm
