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TunisiaEgypt: The EU Bank supports urban transport
The European Investment Bank (EIB) and the Arab Republic of Egypt have signed a €1.128 billion agreement to support investments in the rehabilitation and expansion of metro and tram systems in Alexandria and Cairo. The EIB financing will contribute to increasing the availability and improving the quality of public transport systems in the two cities, where 30-35% of the country’s population live and work. This new operation is in line with the EU bank’s climate action objectives and comes in support of the government’s national priorities.
In addition to the EIB’s financing, the EIB Economic Resilience Initiative and the EU Neighbourhood Investment Programme (EU NIP) provided grants for technical assistance and advisory supporting the preparation of the planned investments.
These investments will lead to a greenhouse gas emissions reduction due to the expected modal shift, and will therefore contribute to the Bank’s climate action objective, as well as to the implementation of Egypt’s Intended Nationally Determined Contributions (INDCs), as defined in the Paris Agreement on Climate Change of December 2015.
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Countries covered:
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Egypt
