World Bank Approves USD 400 Million to Decarbonise Egypt’s Railways
The project will work towards reducing greenhouse gas emissions by 965,000 tonnes over the next 30 years.
Egypt’s railroad system and transportation infrastructure will become de-carbonised through a new development financing agreement approved by the World Bank, which will loan USD 400 million to fund the ‘Cairo Alexandria Trade Logistics Development Project’.
The transportation sector is the second largest contributor to the country’s greenhouse gas emissions, and the project will work towards reducing that by 965,000 tonnes over the next 30 years through low-carbon footprint technology utilised in the Alexandria–6th of October–Greater Cairo Area railway corridor.
The shift in the transportation sector will also make room for female employees by including childcare services on top of encouraging trade activities in Egypt through the development of Egyptian freight trains.
The loan will enable the Egyptian government to further work towards sustainable development and a green economy, a goal that has been receiving more national attention in light of the COP27 United Nations Climate Change Conference coming to Sharm El Sheikh this November.