Sisi approves substantial funding for a significant undertaking.
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Egyptian President Abdel Fattah El-Sisi approved a new loan to finance the Egyptian Ministry of Transport from several European banks to create a new project.
The Ministry of Transport intends to complete the project to create the first stage of a network of high-speed electric trains.
The cost of the first loan is about 1.9 billion euros, guaranteed by the German Export Development Authority.
As for the second loan, it amounts to 268.8 million euros guaranteed by the Italian Agency for Export Development.
The Official Gazette of Egypt published the decision of the President of Egypt to approve the financing (loan) agreements that were signed by the Ministry of Transport, represented by the National Tunnel Authority, which were presented by several European banks.
The loan includes funding for the construction phase of the first line between (Ain Sokhna – Alexandria – El Alamein – Matrouh).
Source: RT
