The European Bank for Reconstruction and Development (EBRD) is willing to fund the establishment of a railway line connecting Ain Sokhna, New City, 6th of October City and Alamein, Invest-Gate reports.

EBRD senior officials express such willingness during a meeting with Egypt’s Housing Minister Mostafa Madbouli during the international bank’s 2017 Annual Meeting and Business Forum in Cyprus, that will wrap today. The forum has lasted for three days.

During the meeting, the EBRD officials say that they are now finalising all the study plans required before injecting funds into the project.

The EBRD has invested over EUR 1.7 bn in Egypt through 34 projects since the start of its activities in the country at the end of 2012. The Bank’s areas of investment include the financial sector, agribusiness, manufacturing and services, as well as infrastructure projects such as power, municipal water and wastewater and contributions to the upgrade of transport services.