Banking & Finance Egypt secures funds for $2bn Alexandria metro project By Pramod Kumar April 27, 2023, 6:23 AM Unsplash Construction of the Alexandria metro project in Egypt is set to begin after President Abdel-Fattah El-Sisi approved an agreement with the French Development Agency (AFD) for a €250 million ($276.50 million) loan. The project is a joint initiative with the Asian Infrastructure Investment Bank and the European Bank for Reconstruction and Development (EBRD), the Egypt Today newspaper reported. The project’s total cost is estimated at €1.8 billion ($2 billion). The AFD will provide a €250 million soft sovereign loan for works contracts and the acquisition of railway vehicles. Additional funding of €250 million will be provided by EBRD, with the European Investment Bank offering €750 million, Asian Infrastructure Investment Bank (€250 million) and the Egyptian government (€264 million). The project will be managed by state-owned National Authority for Tunnels, which is responsible for implementing metro projects in Egypt. The Alexandria Passenger Transport Authority, responsible for managing transportation in Alexandria, will be responsible for managing traffic throughout the works. The operation and maintenance of the line will be allocated to the operator, who will be selected through the tender process, the news report said.
Transport Morocco to invest $4bn in airport expansion Morocco will invest MAD42 billion ($4.1 billion) in airport expansion by 2030, the country’s transport and logistics minister has said. The investment aligns with the strategy to strengthen the country’s airports as a global gateway, Morocco World News reported citing Abdessamad Kayouh. The investments intend to modernise major airports, including Casablanca, Rabat, Tangier, Marrakesh, Fez, […] 4 hours ago
Energy Oil slips after Trump calls on Opec to lower prices Oil prices were down on Friday after newly inaugurated US President Donald Trump on Thursday drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland. Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia […] 4 hours ago
Finance Global trade will grow in 2025 despite tariff threats, says UAE minister Global trade is expected to grow in 2025 despite threats by US President Donald Trump to impose new import tariffs, UAE’s minister of state for foreign trade Thani Al Zeyoudi has said. The momentum in foreign trade and global trade is growing, he told Bloomberg Television at the World Economic Forum in Davos, Switzerland. “Trump is […] 4 hours ago
Infrastructure Etihad Rail train to link Abu Dhabi and Dubai in 30 minutes Authorities from Abu Dhabi and Dubai formally unveiled plans on Thursday for a high-speed passenger rail link that will reduce travel between the two cities to 30 minutes. Spearheaded by Etihad Rail, the train service will reach speeds of up to 350km/h, and “pass through key strategic destinations and tourist attractions”, an Abu Dhabi media […] 8 hours ago
