EBRD Strikes Deal To Resurrect Heliopolis Tram Line
News has emerged that the once beloved trams of Heliopolis will return from the dead, thanks to an investment by the European Bank for Reconstruction and Development.
Good news for Egyptians who have been missing their once beloved trams, as news emerged that Egypt has signed a memorandum of understanding (MOU) that will bring new life to Heliopolis' defunct trams.
Due to lack of investments and maintenance, the Heliopolis tram came to a screeching halt in 2014. Although the tram was thought dead, news emerges that a rebirth is in the works as, according to a statement released last week, the European Bank for Reconstruction and Development (EBRD) will be providing $250 million to redevelop the Heliopolis tram link between Almaza and Ramses in Cairo. The first half of the money is earmarked for the financing of infrastructure, which will be executed by Egypt’s National Authority for Tunnels. The second half of the loan will go to a private company for the procurement of rolling stock, operations, and maintenance of the fleet.
The project is expected to cost as much as $500 million, and helping reach the project goal is the French Agency for Development (AFD), who in April pledged 100 million Euros to the project.
The project is estimated to take three years, according to statements made to Ahram Online by Tarek Aboul Wafa, Head of the Central Administration Authority for Tunnels.
Since beginning operations in Egypt in 2012, the EBRD has invested over 1.7 billion Euros across 34 projects.
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