Egypt will obtain EUR 100 million financing from the French Development Agency (AFD) in order to upgrade the Alexandria’s al Raml tram. The finance agreement was signed by Egypt’s Minister of Investment and International Cooperation, Sahar Nasr and Laurence Breton-Moyet, the executive director of operations of Agence Française de Développement (the French Development Agency).
It was not clear whether the financing will be given in the form of a loan or a grant. According to the agreement, the agency will fund the upgrading of Alexandria’s historic tram to increase its capacity from 100,000 to 230,000 passengers daily as well reduce trip times. The Alexandria Tramway is the oldest of its kind in Africa.
A study conducted two years ago by the same French Agency concluded that the cost of converting the Raml tram to a quick electrified tram is EUR 300 million. The project aims to resolve traffic congestion in the center of Alexandria, one of the biggest issues the authorities are facing.
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