The European Investment Bank (EIB) considers extending an EUR 90 mn loan to upgrade the Tanta-Mansoura-Damietta rail line, which is currently undertaken by the Egyptian government at costs amounted to EUR 193 mn (EGP 3.459 bn), Invest-Gate reports.

The fund, which is still under appraisal, will be directed to double-tracking a 65-kilometer stretch of line and installing an automated signaling system, EIB affirmed in a press release on October 21.

Additionally, EIB highlighted the possibility of providing additional investment to upgrade other railway stations, besides establishing a new freight yard and a railway link to Damietta port, it added.

“It is required that the promoter ensures that implementation of the project will be done in accordance with the EIB’s Guide to Procurement,” the bank noted.