The Kuwait Fund for Arab Economic Development (KFAED) is to provide a $108m (KD30m) loan to Egypt to install electric railway signalling along train lines running from Banha via Zagazig to Port Said and to a line from Zagazig to Abu Kabeer.
The new signalling systemnwill replace an existing mechanical one and will boost capacity on the lines and should decrease the risk of accidents.The deal, which was signed by Egypt’s deputy prime minister Dr Ziad Bahaa Al-Din and the fund’s general director Abdulwahab Al-Bader, provides a 25-year loan on soft terms with a fixed interest rate of 2.5%.
The deal brings the amount of loans and grant aid provided to Egypt by the fund to $2.3bn since 1964. The two men also discussed other financing priorities including projects in areas such as electricity and energy.
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