DDC Alliance receives Chinese loan to help finance high-speed train between Port Said and Abu Qir

The DDC Alliance, which includes the EL-DIDI Group, Gama Construction, and Concord, has successfully secured guarantees for a three billion dollar loan from several Chinese banks to finance the implementation of the high-speed train project, which connects the ports of West Port Said to Abu Qir, a length of 250 kilometers.

The group’s legal advisor, Emad al-Hefnawy, revealed that the alliance is currently negotiating with the Transport Ministry to acquire 150,000 acres within the project’s route, in order to invest them commercially as an additional resource to help cover the Chinese financing installments.

He noted that technical and financial studies for the high-speed train project have already been completed and presented to Chinese financing institutions, which have given their initial approval for the loan.

The project is expected to be fully implemented within an estimated four years.

The project comes within a memorandum of understanding previously signed between the group and Transport Ministry. It aims to connect Mediterranean ports through the project’s integration with the existing railway network and land and sea ports, maximizing the transport capacity of goods and passengers.