World Bank Preps $1bn Financing Strategy with Egypt

The World Bank Group is preparing a four-year strategy to contribute to Egyptian projects, at an initial cost over US$ one billion, an advisor to Egypt’s transport minister said.

Speaking to Amwal Al Ghad on Tuesday, Mahmoud Gamal El-Din – Advisor to Egyptian Transport Minister for Investment Affairs – said World Bank’s anticipated strategy for Egypt will include providing loans and pumping investments into railway and river transport projects. It will also comprise of providing technical assistance alongside conducting studies.

World Bank’s four-year strategy will be ready before the end of 2014, Gamal El-Din noted.

Moreover, the Egyptian official referred that an US$400 million loan will be included in the new strategy, which is designated for upgrading the train protection system, notably the automatic train control.