Cairo – Egypt’s Ministry of Investment and International Cooperation has signed two grant agreements worth EUR 1.5 million (EGP 28 million) with the European Bank for Reconstruction and Development (EBRD) to finance the improvement of the country’s railway cargo shipment.
The first grant will be used to help the Egyptian National Railways develop its current shipment operations, consider the establishment of a separate subsidiary, and set up a cargo tracking system, minister of investment Sahar Nasr said in a statement on Monday.
In addition, the second grant will be directed to finance the consulting operations for the purchase of 100 new locomotives worth EUR 290 million in collaboration with the EBRD as part of a plan to buy 250 new locomotives, Nasr added.
The investment ministry has provided the transport ministry with total funding and grants amounting to $6 billion, she revealed.
EBRD’s investments in Egypt registered EUR 5 billion directed to several sectors, mainly the industrial sector as well as developmental and infrastructure projects.
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