President Abdel-Fattah al-Sisi has approved a 250 million euros loan deal with the Asian Infrastructure Investment Bank (AIIB) to modernize the Abu Qir railway line in Alexandria into an electric metro system.
The government approved the 250 million euros loan deal in August 2023, and the House of Representatives passed it in June 2024.
The loan will fund the electrification of the railway line connecting downtown Alexandria with the Abu Qir district in the northeast of the city.
It will be repaid over 18.5 years with a grace period of about five years.
The step is one of several to provide clean transportation modes, aligning with the country’s ambitious target of generating 42 percent of its electricity from renewable sources by 2035.
Additionally, it is part of Egypt’s efforts to modernize its outdated train system and deliver improved service to citizens.
Furthermore, the country has launched a comprehensive plan to overhaul its entire railway system and replace outdated railcars with refurbished or new ones.
The plan also includes upgrading railway signalling systems to enhance safety, modernizing workshops with advanced equipment, and installing automatic train control systems with speed regulation features to respond to emergencies.
