GrCF2 -W2: CML2: Sustainable Urban Transport Loan (EBRD-52385)

  • Egypt
Geographic location where the impacts of the investment may be experienced.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 27, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Arab Republic of Egypt
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 291.93 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 250
Converted using 2021-08-19 exchange rate.
Project Cost (USD)
$ 646.79 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 553.90
Converted using 2021-08-19 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 23, 2021

Disclosed by Bank Aug 19, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the investment involves the provision of a sovereign loan of up to EUR 250 million to the Arab Republic of Egypt to finance the rehabilitation and upgrade of Cairo Metro Line II ("CML2"), upgrade and refurbish existing rolling stock fleet and purchase new rolling stock (the "Project"). 

The Project is part of an overall investment package estimated at EUR 550 million, which is expected to be co-financed by the EIB and the GoE. The rehabilitation of CML2 aims to upgrade/replace signalling, safety, power, control & electromechanical systems and civil works necessary to achieve an operational headway of 105 seconds (from the current 160 seconds) ultimately increasing the overall capacity of the line by approximately 50%. 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 will be operated by the Egyptian Company for Metro ("ECM").

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The investment involves an EBRD sovereign loan of EUR 250 million extended to the Arab Republic of Egypt, co-financed with the EIB and the GoE, for the benefit of NAT.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ibrahim Bekheit 
Ramses Square, Ramses Complex Cairo, Arab Republic of Egypt, ZIP: 11794 p. B 466


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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.

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