Transport Minister, EIB Delegation Probe Cooperation in Transport
Source: www.export-egypt.com 5/26/2018
Transport Minister Hisham Arafat discussed with a European Investment Bank (EIB) delegation cooperation in the various fields of transport.
The Transport Ministry prioritizes Metro and developing its Line 1 that carries nearly 1.5 million passengers daily, Arafat said during a meeting with the delegation, noting that the revamp is set to be carried out through two stages; the first is upgrading infrastructure and signals, while the second aimed at renovating movable units.
The EIB expressed eagerness to offer Euro 380 million for renovating the Metro Line 1 as well as rehabilitating Metro Line 2, minister Arafat added.
The meeting tackled progress achieved at phase three of Metro Line 3, which is bankrolled by the bank with Euros 600 million.
As for Alexandria's al Raml tram, Arafat said the bank will allocate Euros 180 million for the project.
A consultant will be picked for the project from three global consulting offices that offered bids, the minister said, pointing out to the significance of the project as one of Alexandria's key means of transportation.
Meanwhile, Minister Arafat reviewed aspects of cooperation with the bank in the railway and port sectors.
Attending the meeting were senior officials from the Ministry of Transport, the National Authority For Tunnels and Alexandria Port.
The EIB is the European Union's bank. It is the only bank owned by and representing the interests of the European Union Member States.