Business Hub _ Cairo
Dr. Rania Al-Mashat announced, Minister of International Cooperation, On the approval of the House of Representatives in its session today on two agreements, Initial agreement with the European Bank for Reconstruction and Development on the “Alexandria Metro”, The second is with the German government on “Rehabilitation of Hydropower Plants – Phase Two.”
The House of Representatives approved the decision of the President of the Arab Republic of Egypt No. 122 of 2022 regarding the approval of a loan agreement (Alexandria Metro) between the Arab Republic of Egypt and the European Bank for Reconstruction and Development in the amount of 250 million euros. Location in Cairo on 27/12/2021.
The House of Representatives also approved the Decision of the President of the Arab Republic of Egypt No. 120 of 2022 regarding the approval of exchanged letters between the Government of the Arab Republic of Egypt and the Government of the Federal Republic of Germany regarding an additional loan amounting to 15 million euros as an increase in the funds of the project “Rehabilitation of Hydropower Stations – Phase II “, Signed in Cairo on 10/11/2021 and 14/12/2021.
Dr. Rania Al-Mashat said, Minister of International Cooperation, Commenting on the approval of the two agreements, The first agreement aims to help finance a project to develop an existing railway linking the city center of Alexandria with the Abu Qir area, which is located in the northeast of the governorate. supplying it with electricity to make it a highly efficient metro system; The project consists of infrastructure works for the development of the line, its electrification and related railway systems (including the development of signaling, communication and central control systems) – the railway cars that will be operated on the new metro line. Construction supervision. Site preparation work.
The Minister of International Cooperation praised the huge investments of the European Bank for Reconstruction and Development in Egypt, which amounted to about 8.6 billion euros since 2012, in 145 projects, More than 76% of these funds were directed to the private sector. Egypt was also the largest country of operations in the Southern and Eastern Mediterranean region during 2018, 2019, 2020 and 2021.
Commenting on the second agreement with the German Government, The Minister of International Cooperation confirmed, The volume of the development cooperation portfolio with Germany amounted to 1.7 billion euros, in 4 sectors with the aim of achieving the sustainable development goals: Energy efficiency, renewable energy, sanitation, water subsidies, irrigation, solid waste management, migration, labor market, private sector support, technical education, vocational training, urban development, administrative reform, women, youth and community development.
