The Asia Infrastructure Investment Bank Co-Finances Alexandria’s New Metro System
The Asian Infrastructure Investment Bank (AIIB) is part of a consortium that is financing the €1.3 billion construction of a new regional metro system in Alexandria, on Egypt’s Mediterranean coast.
The project, spanning 21.7 km and connecting downtown Alexandria to the northeastern town of Abu Qir through 20 stations, marks a crucial milestone as the first modernization effort for the city’s transportation infrastructure. Other lenders include the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and L’Agence française de développement (AFD).
Egypt’s Orascom Construction, in collaboration with France’s Colas Rail, has secured an Engineering, Procurement, and Construction (EPC) contract with the National Authority for Tunnels (NAT) to execute the metro system. The project aims to introduce an electrified metro system, facilitating efficient, safe, and environmentally friendly mass transportation in Alexandria. France’s Thales will contribute by providing essential signaling, telecommunication, and automatic fare collection packages.
The AIIB was established by China in 2016 and has become a leading multilateral development bank and international financial institution. It is headquartered in Beijing, with 106 sovereign shareholders, including Egypt. The banks next AGM will take place in Sharm-el-Sheikh on Egypt’s Red Sea coast in late September.
Egypt has also been invited to join the BRICS group and will become a member from January next year.
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