RIYADH: The European Bank for Reconstruction and Development has approved $282 million financing for the Alexandria Metro Project, Egypt’s minister of international cooperation said on Wednesday.
The financing is part of the strategic partnership between the Egyptian government and the bank to support the country’s development and its transition toward a green economy.
Rania Al-Mashat said its comes within the framework of the Green Cities Program.
Through the program, the bank identifies the environmental challenges facing different Egyptian cities and link them to infrastructure investments and promote green transformation and sustainability in the urban centers.
The North African country came on top of the bank’s list as the largest country of operations in the southern and eastern Mediterranean region during 2020, representing 47 percent of the bank’s total investments in the region.
