Egypt’s ENR seeks to secure EGP6 bln before year-end: sources

State-run Egyptian National Railways (ENR) plans to secure six billion Egyptian pounds before the end of this year from an alliance of local banks led by the National Bank of Egypt (NBE) to finish a number of projects.

The finance is expected to be paid over ten years as it will support Cairo-Alexandria Trade Logistics railway line project, according to two government sources told Asharq Bloomberg on Tuesday.

The authority seeks to raise up to $40 million during the current fiscal year 2023-2024, from selling train tickets to foreigners and Arabs in U.S. dollar, as part of the government’s latest effort to provide hard currency in the country.