World Bank to provide $500 million loan to upgrade Egypt’s Imbaba-Alex railway

The World Bank will provide a $500 million soft loan to upgrade Egypt’s Imbaba-Alexandria railway project, according to an agreement reached with the Egyptian Transport Ministry.

The loan will add a duplicate set of tracks to the Imbaba-Mansheya-Alexandria railway line, official sources familiar with the matter told a local press.

The project is expected to be completed within 24 months of receiving the loan, said the sources.

In October, the bank said that it could provide as much as $250 million toward upgrading the Alexandria-Cairo-Nagaa Hammadi line, involving new signaling and tracks.