The Islamic Development Bank (IsDB) will provide us with EUR 318 mn in financing for the660-km first phase of the Sokhna-Alexandria high-speed rail line, after the bank’s board approved the move during its meeting yesterday, according to an IsDB press release. Further details about the terms of the financing were not disclosed.

European bank finance in the pipeline: Cabinet last week said it had approved international funding for the high-speed rail link from European banks, without disclosing further info. The entire project is set to cost some USD 23 bn.

High-speed rail? Siemens Mobility, Orascom Construction, and Arab Contractorshave signed contracts with the government to build the 2k-km national high-speed rail line. The first phase will link Ain Sokhna to Marsa Matrouh, while additional lines will join Cairo to Abu Simbel and Luxor and Hurghada. Deutsche Bahn and El Sewedy Electric are on board to manage and operate the first line under a EUR 1 bn+ contract signed last year. The project is set to be the sixth-longest rail network in the world, connecting 60 Egyptian cities with trains running at up to 230 km/h.

Work is starting soon: French construction firm NGE and its subsidiary TSO should begin laying the first half of track for the rail’s first phase “in early 2023.”

Tags: