ENR seeks EGP 18B loan from local banks for 2 railway projects
Updated 1/15/2024 11:45:00 AM
Arab Finance: The Egyptian National Railways (ENR) is seeking to borrow EGP 18 billion from a consortium of local banks to finance two railway projects planned to be launched by the second half (H2) of 2024, four government sources familiar with the matter told Asharq Business.
The projects include the construction works of the 238-kilometer Tanta-Mansoura-Damietta railway line and the 300-kilometer Siwa-Matruh-Gergoub railway line, one source said.
The potential loan will partially cover the costs of both projects, with another part to be self-funded by the ENR, a source pointed out.
The remaining costs will be financed via a €250 million loan from the French Development Agency (AFD) and the European Bank for Reconstruction and Development (EBRD) for the Tanta-Mansoura-Damietta railway line project, the source noted.
However, the authority is currently looking for other international financing entities to provide a concessional loan for the Siwa-Matruh-Gergoub railway line, the source added.
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