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€100m French finance facility to develop El-Raml tram - Daily News Egypt

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€100m French finance facility to develop El-Raml tram

The new project will cost €360m and serve 100 million passengers annually

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.

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