Italian bank seeks gov’t guarantee for railway loan

An unnamed Italian bank has requested that the oil or transport ministry issue a letter of guarantee for a potential USD 300 mn loan for a consortium working on the Abu Tartour-Qena freight railway line, Al Mal reports, citing unnamed sources in the know. The cabinet will look into the bank’s request at an upcoming meeting, the sources said. Elsewedy Electric, Saipem and Salcef, have been contracted for the project, which involves reconstructing the railway cargo line and adding a passenger extension from Hurghada to Safaga.