The European Bank for Reconstruction and Development (EBRD) has agreed to provide $250M for infrastructure projects in Egypt.
EBRD has signed two memorandums of understanding (MoU) with Egypt’s Ministry of International Cooperation (MOIC) aimed at improving services in the transport and water sectors.
Under the first MoU, EBRD will support the refurbishment of the Heliopolis tram link between the Ramsis and Almaza areas in Cairo. The entire cost of the project is estimated to be $500M.
The second MoU is the bank’s first formal engagement in developing a water irrigation system — part of a programme developed by the Ministry of Water Resources and Irrigation (MWRI) of Egypt for the modernisation of the irrigation system to increase efficiency and quality of services.
* Data provided by Timetric's Construction Intelligence Center.