Egypt’s Ministry of Investment and International Cooperation signed a €100 million loan agreement with the French Development Agency (AFD), which will partially finance the project.
The upgrading process of the 13.7 kilometers tramline will take up to three years. It aims at increasing the capacity of the tram from 100,000 passengers per day to 230,000. The renovations will also help cut the time needed for the tram to take a complete round from one hour to half an hour, also the facilities will be improved.
Al-Raml tram network is the oldest tram line in Africa, it connects Alexandria’s western and eastern areas. It is also one of the oldest lines in the world.
According to a statement released by the Ministry of Investments and International Cooperation, the European Investment Bank expressed its interest to co-finance the new project.
Minister of Investments and International Cooperation Sahar Nasr said in press statements that Egypt is keen on improving the transportation sector, be it subways or railways. She further added that the presence of an insightful strategy to improve the transportation sector eased up the negotiations with sponsors.