The World Bank’s Board of Executive Directors approved a $440 million loan to support Egypt’s initiatives to enhance the safety and services of the country’s railways, the bank announced on Saturday.
The World Bank said that the Railway Improvement and Safety for Egypt (RISE) project will cost $681.1 million, including $241.1 million contributed by the Egyptian National Railways (ENR).
The project will focus on modernising the signalling of the Cairo-Giza-Beni Suef segment of the ENR network and supporting the reforms needed to enhance the ENR’s performance and competitiveness, according to the World Bank statement.
“Today, more than ever, there is a great need to develop sustainable infrastructure. Redefining smarter transportation solutions improves safety, enhances mobility, safeguards the environment, and strengthens job creation and economic growth,” said Rania Al-Mashat, Egypt’s minister of international cooperation.