10 facts about Alexandria Metro project
1. President Abdel-Fattah El-Sisi has approved an agreement between Egypt and the French Development Agency (AFD) for a loan of €250 million.
2. The loan will be for the “Alexandria-Abu Qir” metro construction project aimed at improving transportation in Egypt and bettering the level of line service.
3. The project is part of a joint initiative with the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development (EBRD).
4. The National Authority for Tunnels (NAT) will manage the project as the executive body of the Egyptian Ministry of Transport and as the agency responsible for implementing metro projects in Egypt.
5. A project management unit dedicated to the project will be established within the NAT, and technical assistance will be provided.
6. The Alexandria Passenger Transport Authority will manage traffic during the project, and the operator will be selected through a tender process.
7. The project's total cost is estimated at €1.764 billion.
8. The AFD loan will be in the form of a soft sovereign loan dedicated to works contracts and the acquisition of railway vehicles.
9. Financing will be supplemented by the EBRD (€250 million), the European Investment Bank (€750 million), the Asian Infrastructure Investment Bank (€250 million), and the Egyptian government (€264 million).
10. The project is part of Egypt's efforts to improve transportation infrastructure and support economic growth.