UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change ...
EBRD to extend EGP 28m to Egypt for renovating locomotives, rail freight transportation
The European Bank for Reconstruction and Development’s (EBRD) will extend two grants worth 28 million pounds to Egypt to upgrade its locomotives and rail freight transportation mechanism.
Egyptian Minister of Investment and International Cooperation Sahar Nasr inked with Director of the EBRD’s office in Egypt Khaled Hamza a deal on the grants.
The two grants will go for the National Railways Authority; one for developing the rail freight transportation mechanism and the second for purchasing 100 locomotives at 290 million euros.
Nasr underlined the importance of the transport sector as an investment-encouraging factor, citing President Abdel Fattah El Sisi’s directives to continue upgrading the transport sector.
She added that her ministry secured up to 6 billion dollars for financing the transport sector due to its pivotal role in improving economic performance and people’s lives as well as realizing sustainable development nationwide.
Meanwhile, Transport Minister Kamel el Wazir said the deal will help the ministry buy 100 new locomotives in addition to renovating old locomotives and railways’ workshops.
The railways’ overhauling operation will be implemented in tandem with experts from international factories, he said, highlighting the importance of fruitful cooperation with a number of international banks and institutions in order to develop the transportation sector, especially railways.
Director of EBRD’s Office in Cairo Khaled Hamza said the bank’s total investments in Egypt hit 5 billion euros in various domains, especially the fields of industry, infrastructure and development projects.
He accentuated that the bank is keen on promoting strategic cooperation with Egypt, noting that the two grants to be provided by the bank will help developing the transport sector which is vital for accelerating economic growth and realizing the utmost benefit from the comprehensive economic reforms.
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