Egypt Reaches $1bn Financing Strategy Deal with World Bank

Egypt’s Ministry of Transportation has reached a new four-year finance strategy agreement with the World Bank Group, adviser to the minister announced today.

As pursuant to the agreement, World Bank is set to contribute to a number of transportation projects in Egypt worth US$1 billion approximately.

Speaking to Amwal Al Ghad on Saturday, adviser Mahmoud Gamal El Din stated that WB’s four-year strategy would encompass providing loans and pumping investments into railway and river transport projects. It will also include providing technical assistance and conducting studies.

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

Moreover, the Egyptian official also referred that the strategy would comprise of a WB loan at value of US$400 million designated to upgrade the train protection system in Egypt, notably the automatic train control.

Egypt’s Minister of Transportation had endorsed Friday the WB’s US$400 million loan, and procedures to disburse it are underway, Gamal El-Din added.