Jeddah-based Islamic Development Bank (IsDB) has approved $344.5 million fund on Saturday to finance Phase I of Egypt’s Electric Express Train Project during the bank’s 350th meeting.
The 660-km high-speed railway project will connect the port cities of Ain El Sokhna on the Red Sea to Marsa Matrouh and Alexandria on the Mediterranean.
The project is expected to benefit 25 million people annually and decrease greenhouse gas (GHG) emissions by approximately 250,000 tons of CO2 annually.
“IsDB Group remains committed to supporting its member countries in their pursuit of prosperity and resilience, particularly during these challenging times,” said IsDB president Muhammad Al Jasser.
The board also approved an additional financing of $13 million for the Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) in the Republic of Kyrgyzstan, according to the statement.
Furthermore, the board members deliberated on an emergency grant funding from the IsDB to provide support to Türkiye, and Syria in the aftermath of devastating earthquakes that struck both countries.