EIB, AFD to sign €300 mln loan for Egypt rail project this quarter: sources

By Aya Abdulghany On Jan 14, 2022

Egypt is expected to sign a €300 million ($342.7 million) loan agreement with the European Investment Bank (EIB) and the French Development Agency (AFD) within this quarter to finance the Tanta-El Mansoura-Damietta railway line upgrade project.

In December, the boards of the EU bank and the AFD approved the loan.

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The loan will be repaid over 15 years at interest rates as low as 1 percent, with a grace period of four years, sources with knowledge of the loan talks told local news.

The project consists of upgrading of the 118 km Tanta-El Mansoura-Damietta railway line, including the doubling of the section El Mansoura-Damietta of 65 km, the re-signaling of the whole line, the sources added.

European Investment Bank (EIB)