Egypt has approved three funding agreements with the European Investment Bank (EIB) to finance local sanitation and transportation sectors at a combined value of EUR 122.7 mn (EGP 2.23 bn), Invest-Gate reports.

The agreements, signed by Minister of International Cooperation Rania Al-Mashat, include the expansion and development of the western wastewater treatment plant in Alexandria, with costs estimated at EUR 120 mn (EGP 2.18 bn), according to a recent Cabinet statement. 

Besides, a grant, worth EUR 1.5 mn (EGP 27.23 mn), will be extended to conduct the complementary studies to upgrade the Tanta-Mansoura-Damietta railway. Another one, valued at EUR 1.2 mn (EGP 21.79 mn), will cover the preparation of feasibility studies for the renovation of the Cairo Metro Line II, coming to boost the subway’s capacity from 850,000 to 1.76 mn commuters per day and extend its lifespan for an extra 25 years, the statement further revealed.

According to EIB data, transport has been on top of the bank’s work in Egypt since its initial operation in the country in 1979, when it agreed to support maritime transport, energy generation, and investments by small- and medium-sized enterprises (SMEs).