The €250-million-loan (EGP 1.5 billion) that was agreed upon in Cairo last December will be allocated to building Alexandria’s underground metro.
Alaa Abed — chairperson of the House’s Transport Committee — said the House’s approval will pave the way for Alexandria governorate to get the required permits from the concerned authorities to begin implementing the project.
Furthermore, Khaled Abdel-Mola — a member of the House’s Transport Committee — said the loan agreement aims to solve the problem of traffic jams in Alexandria — Egypt’s second capital — in terms of building a network of underground metros that will make life easier for Alexandrians.
“Besides, this loan does not contradict the government’s new policy of limiting foreign borrowing to strategic projects only,” Abdel-Mola clarified.
The House also approved on Monday another loan agreement between the Ministry of Electricity and Renewable Energy and the Federal Republic of Germany.
The €15-million-loan will be used to rehabilitate the High Dam and Aswan Reservoir’s electricity generation stations.