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Egypt gets $440 million World Bank loan to support rail network

By Reuters Staff
1 Min Read
CAIRO (Reuters) - The World Bank has approved a $440 million loan to modernise signalling and upgrade track on 763 km of Egypt’s 5,000 km rail network, the bank said in a statement.
Egyptian National Railways (ENR) will put $241 million into the project on the Cairo-Giza-Beni Suef section of the network, bringing the total cost to $681 million, the World Bank said.
Obstacles faced by ENR showed there was “margin for improving its performance, namely in the realms of operations, cost recovery, maintenance, and customer service”, it said.
Egypt has focused heavily on investment in transport and urban development infrastructure, seeking development finance to help fund the projects. ....

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Egypt gets $440 mln World Bank loan to support rail network

By Reuters Staff
1 Min Read
CAIRO (Reuters) - The World Bank has approved a $440 million loan to modernise signalling and upgrade track on 763 km of Egypt’s 5,000 km rail network, the bank said in a statement.
Egyptian National Railways (ENR) will put $241 million into the project on the Cairo-Giza-Beni Suef section of the network, bringing the total cost to $681 million, the World Bank said.
Obstacles faced by ENR showed there was “margin for improving its performance, namely in the realms of operations, cost recovery, maintenance, and customer service”, it said.
Egypt has focused heavily on investment in transport and urban development infrastructure, seeking development finance to help fund the projects. ....

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UPDATE 2-Mexican miner Grupo Mexico posts $2.3 bln profit in 2020

Mining and transport firm Grupo Mexico reported on Tuesday a $2.30 billion net profit last year, up 4% compared to 2019, helped by higher mining output and prices, the company said in a filing with the Mexican stock exchange. ....

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UPDATE 1-Portugal's Moto-Engil to build Nigeria-Niger rail line - minister

By Reuters Staff
(Adds detail)
LAGOS, Jan 11 (Reuters) - Portugal’s largest builder Mota-Engil has won the contract to build a railway line between Nigeria and neighbouring Niger, Nigeria’s Transportation Minister Rotimi Amaechi said on Monday.
The contract, which will link the northern Nigerian city of Kano with Niger’s Maradi, is expected to be worth nearly $2 billion, according to a budget approved by Nigeria’s Federal Executive Council last year.
“Today, we signed the contract documents for the commencement of the Kano-Maradi, Kano-Dutse railway project,” Amaechi wrote in a tweet.
Mota-Engil had also agreed to build a university as part of the agreement, he added. ....

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