Bulk of EUR 1.1 bn EIB loan to finance transport upgrades -Al Mashat

Bulk of EUR 1.1 bn EIB loan to finance transport upgrades -Al Mashat: More than half of the EUR 1.9 bn loan agreed with the European Investment Bank (EIB) last week will go towards upgrading public transport infrastructure, International Cooperation Minister Rania Al Mashat said yesterday. A total of EUR 1.1 bn will be allocated to part-finance the restoration of the Alexandria tram network, the electrification of the Abu Qir-Alexandria railway and the extension of Cairo Metro Line 2, while the remaining EUR 800 mn will be used for “covid-19 related business investment,” Al Mashat said.