Cabinet approves EBRD loan
Loans
Cairo - Egypt Today
The cabinet approved on Wednesday a 100-million-euro loan offered by the European Bank for Reconstruction and Development (EBRD) to purchase 100 locomotives.
Speaking at a press conference, Transport Minister Hesham Arafat said the recent economic decisions have forced citizens to depend on the railway as a cheap means of transportation, particularly after the government raised fuel prices in June.
The agreement will be used to maintain 80 locomotives, which have been out of service since 2008, the minister pointed out.
The ministry is working on developing the infrastructure of the railway system and increasing the capacity of the cargo carriages from 6 million tons to 25 million tons by 2025.
The loan will be repaid over 12 years with a grace period of three years and an interest rate of 1 percent.
Source : Mena
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