The French Development Agency (AFD) has signed a €100m finance agreement with the Egyptian government to develop El-Raml tram in Alexandria, the Ministry of Investment said in a press release on Tuesday.
“The new project aims at developing the old tram and building and new 900-metre-long station between Al-Raml and El-Manshia,” the press release explained.
Minister of Investment and International Cooperation Sahar Nasr said that the new project will cut the journey time by half and is expected to serve 75-100 million passengers yearly.
The cost of the project will be €360m, with European Investment Bank to finance around €180m, while AFD will supply a finance facility of €100m. The Egyptian government will secure only €80m.