GrCF2W2 - Alexandria Metro (EBRD-49905)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
downtown Alexandria and north-eastern town Abou Qir
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 10, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Arab Republic of Egypt
The holder of the loan, grant, or other investment.
Sectors
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 296.14 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 250,000,000.00
Converted using 2021-07-28 exchange rate.
Project Cost (USD)
$ 1,913.05 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 1,615,699,968.00
Converted using 2021-07-28 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 5, 2021

Disclosed by Bank Jul 28, 2021


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Project Description

According to bank provided information, the project involves the provision of a sovereign loan of up to EUR 250 million to the Arab Republic of Egypt to finance the upgrade and electrification of an existing rail line connecting downtown Alexandria and north-eastern town Abou Qir ("Abou Qir line") into a high capacity metro system (the "Project").

The EBRD loan will finance (i) infrastructure works for the upgrade and the electrification of the line, (ii) relevant rail systems, including the upgrade of signalling, telecommunications and centralised control systems, and (iii) rolling stock to be operated on the new metro system.

The Project is part of an overall investment package estimated at EUR 1.6 billion expected to be co-financed by the European Investment Bank, the Agence Francaise de Developpment and the Asian Infrastructure Investment Bank.

The Project will be implemented by the National Authority for Tunnels ("NAT"), a state-owned executive agency under the jurisdiction of the Ministry of Transportation. The line is expected to use the corridor of an existing railway line currently operated by the Egyptian National Railways ("ENR"), while the operation of the future metro line is intended to be awarded to an independent metro operator.

 

Investment Description

Contact Information

Ibrahim Bekheit
ibna_2004@hotmail.com 
+20 2 25742968
http://www.nat.org.eg/english/ 
Ramses Square, Ramses Complex Cairo, Arab Republic of Egypt, ZIP: 11794 p. B 466

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en 

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html