حفلة 2024

World Bank agrees $400 million for Egypt to reduce emissions

The World Bank (WB) has agreed to grant Egypt $400 million in order to develop the logistics and transportation sectors and support the shift towards reducing carbon emissions, according to its statement on Monday.

The bank estimates that the railway project will reduce emissions by 965,000 tons over 30 years.

There is a plan to implement a railroad around the congested Greater Cairo area, as it comes within the framework of the project to develop the trade logistics line between Cairo and Alexandria.

This step allows for increased freight capacity and reduced the congestion in areas with high demand for passenger trains.

Egypt’s transportation sector considers the second largest contributor to greenhouse gas emissions in the country with 19 percent, according to the WB.

WB supports the Egyptian government’s efforts to promote private sector participation in improving railways by establishing a system similar to road tolls, and by allowing privately owned trains to operate on national tracks for a fee.

The ongoing development financing portfolio between Egypt and WB includes 15 projects worth $5.7 billion, Minister of International Cooperation said.

She added that the projects include initiatives in health care, social security and entrepreneurship fields, in addition to transportation.

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