AIIB to provide EUR 250 mn loan for Abu Qir metro project

More money for the Abu Qir metro project:The Asian Infrastructure Investment Bank (AIIB) will provide EUR 250 mn in financing for the redevelopment of the Abu Qir railway in Alexandria, the International Cooperation Ministry saidThursday. The two sides signed the agreement during International Cooperation Minister Rania Al Mashat’s visit to Beijing last week.

What metro system? The project seeks to convert Alexandria’s Abu Qir railway into an electric, low-carbon, underground metro. The line connects the center of Alexandria to Abu Qir in the east of the city.

AIIB is chipping in a sixth of the project’s cost: The EUR 1.6 bn project is also getting anEUR 750 mn from the European Investment Bank, EUR 250 mnfrom the French Development Agency, and EUR 250 mn from the European Bank for Reconstruction and Development (EBRD).