USD 840M Loan From World Bank Group & IMF to Develop Egypt’s Railways
The fund is part of Egypt’s ongoing cooperation with the World Bank Group, adding up to USD 6.8 billion for projects in Egypt.
Egypt’s railway system infrastructure is getting revamped through a USD 840 million loan from the World Bank and the International Monetary Fund (IMF).
The loan will fund two separate railway projects. The first project looks to enhance safety standards and services, and will cost USD 440 million. The second will develop the trade logistics line connecting Alexandria to Cairo at a cost of USD 400 million.
Both projects were announced by the World Bank and IMF in light of their annual meetings held from October 10th to October 16th at the World Bank Group’s Washington headquarters. This year’s theme is ‘Unity in a Time of Crises’.
According to the Ministry of International Cooperation, the fund is part of Egypt’s ongoing developmental cooperation with the World Bank Group, adding up to USD 6.8 billion in developmental projects across Egypt.