Egypt gets World Bank loan to improve railway network
15 December 2010
Egypt is to receive $330 million (£208 million) from the World Bank to advance its National Railways Restructuring Project.
The scheme, which is set to improve transport infrastructure within the country, requires a further input of cash if it is to achieve all of its original objectives.
"We are pleased to continue supporting the transport sector in Egypt and the ongoing reforms in the railways sector that aim at creating safer, more dynamic, responsive and competitive rail services," said David Craig, country director for Egypt with the organisation.
Both passengers and businessmen will be able to benefit from the improvements in infrastructure by the development.
Signalling on the Beni Suef to Asyut line between Alexandria and Asyut will also be modernised with the additional resources.
Mr Craig, who has worked for the World Bank since 1984, said improving the quality of public services is central to the group's aim of helping the country to achieve sustainable growth.