Egypt’s Minister for International Cooperation Sahar Nasr signed two Memoranda of Understanding (MoU) with the European Bank for Construction and Development (EBRD) worth a total of USD 365 million to develop Egypt’s transport and water sectors. Under the first MoU, the EBRD will help rehabilitate the Heliopolis tram link, which has been defunct since last year, connecting Cairo’s Ramsis and Almaza areas. Out of a total cost of USD 500 million, the EBRD will provide two loans worth USD 125 million each, according to a statement released by the bank. The second MoU will see the EBRD participate in a program developed by the Egyptian Ministry of Water Resources and Irrigation for the development of Egypt’s water irrigation system aiming to increase the efficiency and quality of services. “The EBRD’s financing will help improve climate resilience and the efficient use of water and energy in the agribusiness sector, which consumes over 86 percent of total water resources in Egypt,” the statement read. The Bank will also help Egypt “transition from a centrally managed system to one that is community-based by increasing the farmer’s operational responsibilities.” According to the Ministry of…
