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Egypt ,ERBD Sign $239 mln Loan to Renovate Oldest Metro Line

Egypt ,ERBD Sign $239 mln Loan to Renovate Oldest Metro Line

Source: source: Amwal al ghad

Egypt has signed a $239 million loan with the European Bank for Reconstruction and Development (EBRD) to renovate on one of Cairo Metro’s oldest lines, Amwal Al Ghad reported on Wednesday.

Cairo’s Metro Line 1, which is used by 500 million people per year, will be the target of the renovation project.

“The system will introduce modern and efficient asset-management practices and provide a comprehensive tool for system optimisation and performance improvement,” the ERBD said in a statement.

The loan is under EBRD’s inclusive approach for the Cairo urban transport sector agreed on in 2015, which hopes to achieve better quality and level of public transport services in Cairo.

It also aims to support the transition to a low-carbon and energy efficient economy by producing more sustainable metro services.

The news comes after the tragic incident of the Cairo-Aswan derailment earlier on Sunday that left six people with injuries, leading to the sack of the Egyptian Railway Authority Sayed Salem and replacing him with Ashraf Raslan.

The last major train accident occurred in July as 55 people were left injured in the Cairo-Qena derail, which was followed by the detention of the driver, his assistant and five other employees.

Moreover, according to the Railway Authority, around 1,000 train accidents take place every year.

The Ministry of Transportation announced earlier that all four mega projects to upgrade the railway system would be fully completed by 2022.

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