National Investment Bank mulls $6.6mn finances for Egypt railway authority

State-run National Investment Bank of Egypt (NIB) is considering securing a new financing worth 500 million Egyptian pounds ($56.3 million) for the Egyptian National Railways (ENR), its board member announced Sunday.

Momtaz al-Saeed further said the loan under study is set to finance the purchase of machinery and equipment needed by the ENR.

NIB already approved similar finances for the railways authority over the past few months, which were disbursed over three tranches, the banking official added.

The Egyptian National Railways has prepared an investment strategy worth 90 billion pounds to restructure the country’s railway sector, including an emergency plan worth 7.170 billion pounds.