Cairo, October 4 (BNA) The World Bank agreed to grant Egypt $400 million to develop the logistics and transport sectors and support the transition towards reducing carbon emissions.
The World Bank added that the project will focus on developing a railway corridor in the congested Egypt Railways corridor between Alexandria and Sixth of October and the Greater Cairo area, allowing to increase freight capacity and ease congestion in areas with high demand for passenger trains.
Egypt’s transportation sector is the second largest contributor to greenhouse gas emissions in the country, at about 19 percent, according to the World Bank. The international body estimates that the railway project will reduce emissions by 965,000 tons over 30 years.
The World Bank also said it supports the Egyptian government’s efforts to boost private sector participation in improving railways by establishing a system similar to toll roads, and allowing privately owned trains to operate on national tracks for a fee.
The Egyptian Ministry of International Cooperation said on Monday that the ongoing development financing portfolio between Egypt and the World Bank includes 15 projects worth $5.7 billion, and includes initiatives in health care, social security, and entrepreneurship in addition to transportation.
MI