Kuwait to fund Egyptian railway redevelopment
The Kuwait Fund for Arab Economic Development (KFED) and the Arab Fund for Economic and Social Development (AFESD) have agreed to provide Egypt’s government with a $250m grant to fund an electronic traffic signal project along the railway from Banha to Zagazig, said Samir Farag, director of the International Loans Project at the Egyptian Railway Authority (ERA).
The KFED will supply $100m of the loan, with the AFESD providing the remaining $150m.
Farag added that the World Bank was currently in the process of reviewing a number of projects to help develop Egypt’s national railway system, in addition to securing assistance from international experts to renovate railway crossing points located throughout the country.
An international bid open to a number of consulting agencies is also set to take place soon, he said, in order to secure the rights to re-develop the country’s Tanta-Damietta line.