Minister of Transport Kamel El Wazir said that Egypt is holding discussions with the African Development Bank (AfDB) for a USD 1.5 bn (EGP 22.5 bn) loan to partially finance the Cairo-Aswan Road, Amr Adib’s El Hekaya TV show reports.
The 1,155-kilometer Cairo-Aswan Road’s total cost is valued at EGP 30 bn, El Wazir told the TV show. With this fund, Egypt aims to upgrade its roads and highways in Upper Egypt for being part of the Cairo-Cape Town Road project.
The minister revealed updates on the first EGP 7 bn phase of the proposed project, or the Cairo-Minya Road, which is set to be finalized by June 30 of this year. Subsequently, the ministry will start working on the Luxor-Aswan Road, with a total length of 210 kilometers, followed by the Aswan-Abu Simbel Road.
Previously in November, the ministry announced negotiations between Egypt and the AfDB for potential joint investment in the planned Cairo-Cape Town highway project.
Extending over 10,228 kilometers long, connecting Egypt and South Africa, along with in-between countries such as Botswana, Zimbabwe, Zambia, Tanzania, Kenya, Ethiopia, and Sudan, the Cairo-Cape Town Road marks a key pillar for trade collaboration in Africa for integrating the entire continent.
