Wednesday, April 14, 2021

The World Bank approves $ 440 million in financing to develop “Egyptian Railways”

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The Minister of International Cooperation, Dr. Rania Al-Mashat, announced the approval of the Board of Executive Directors of the World Bank for a development funding of $ 440 million, which will be directed to developing the railway sector and financing a project to improve the safety factor and operating efficiency of Egypt’s rail services.

The Minister of International Cooperation clarified – in a statement today, Saturday – that the development financing, approved by the World Bank, represents an important catalyst for the country’s strategy to develop the transport sector, and also pushes efforts aimed at achieving sustainable development goals, noting that the financing comes within the framework of the third principle of the principles of diplomacy. Economic, which is the narration of international partnerships, through which the ministry aims to promote development stories and international partnerships within the framework of three factors: the citizen is the focus of attention, ongoing projects, and the goal is the driving force.

She added that the ongoing development financing portfolio of the Ministry of International Cooperation includes more than $ 13 billion in funds directed to sustainable infrastructure, including transport projects, of which 36 projects worth $ 5.7 billion to implement the ninth goal of the sustainable development goals: industry, innovation and infrastructure, in addition to 30 projects. To implement the eleventh goal: sustainable cities and communities, with a value of $ 1.5 billion, and 34 projects for the seventh goal: affordable clean energy, with a value of $ 5.9 billion.

The Egyptian Railway Development and Safety Project aims to modernize the signaling systems and renew the railways along the Cairo – Beni Suef line, in addition to completing the works of the Egypt Railway Authority restructuring project on the lines (Alexandria – Cairo) and (Beni Suef – Naga Hammadi) With a total length of 763 km.

The project also aims to improve the safety of railway passengers, workers and employees through the application of a modern safety management system, and the level of service is expected to improve with the improvement of the accuracy of the train schedules, which is expected to increase from 75% to 90%.

In addition, this project works to enhance the Ministry of Transport’s efforts to modernize the railways so that the Egyptian National Railways Authority can work in accordance with international best practices in accordance with the finance-for-performance system.

Lieutenant-General, Engineer Kamel Al-Wazir, Minister of Transport said: “Modernization and reform of railways in Egypt is crucial to meet the needs of citizens in terms of travel and transportation, and to enhance economic activity in general. Improving service for millions of passengers per day is a priority, especially as citizens depend on the National Authority. Egypt Railways to reach their business and perform many other tasks, including meeting their personal needs. Increasing the movement of goods transporting is also a very important goal, and that will increase the economy’s competitiveness. By partnering with the World Bank in this project, we aim to enhance the performance of this important sector. ”

Marina Weiss, Regional Director for Egypt, Yemen and Djibouti at the World Bank commented: “This process is based on the existing dialogue between the Bank and the Egyptian government in the field of transportation … This helps to increase job opportunities and enhance access to markets. ”

The ongoing development cooperation portfolio between the Ministry of International Cooperation and the World Bank amounts to about $ 5.4 billion in several development sectors, namely housing, sanitation, social solidarity, transportation, health, education, local development, petroleum, small enterprises and the environment.

It is noteworthy that the Ministry of International Cooperation launched at the end of last year the annual report 2020, under the title “International partnerships for achieving sustainable development … Shaping the future in a changing world”, which revealed the conclusion of development financing agreements worth $ 1.7 billion for transport and transportation sector projects. 17% of the total financing agreed upon in 2020 with multilateral and bilateral development partners, contributing directly to the achievement of the ninth goal of infrastructure, industry and innovation, and the eleventh goal of sustainable cities and communities; These goals are concerned with providing good infrastructure and providing decent transportation for all citizens.

The article The World Bank Approves $ 440 Million Funding To Develop “Egypt’s Railways” It was written in Al-Borsa newspaper.

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