Foreign funding for Egypt’s high-speed electric rail? A syndicate of 18 international institutions is reportedly putting together a EUR 2.26 bn loan for the first line of the high-speed electric railway connecting Ain Sokhna, El Alamein, and Matrouh, Asharq Business said on X last Thursday. The loan will finance the manufacture and supply of 15 express trains, 34 passenger trains, and 14 locomotives for freight transportation. It will also cover telecommunication systems and electromechanical work.

Delivery due soon: Currently under construction, the first phase of the railway is expected to be ready for trial runs by the end of 2024, or early 2025 at the latest, Asharq added.

Background: The Ain Sokhna - Matrouh railway is part of a larger over 1k km railway initiative that is worth some USD 23 bn. Earlier this month, British Steel inked a multi-mn GBP contract to provide steel for the railway’s mainline and freight Green Line, which includes the Sokhna to Matrouh portion, referred to as a “Suez Canal on tracks.”

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