Parliament approves 555,000 grant deal with EBRD to renew rail wagons

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Wed, 20 Nov 2019 - 05:40 GMT

The European Bank for Reconstruction and Development (EBRD) - Source: EBRD

The European Bank for Reconstruction and Development (EBRD) - Source: EBRD

CAIRO – 20 November 2019: The Egyptian Parliament approved on Tuesday, November 19th, a €555,000 worth grant agreement with the European Bank for Reconstruction and Development (EBRD) to renew railway carriages.

The approval came after the Parliament reviewed a report by a joint committee regarding Presidential Decree no. 514/2019 on the agreement.

The non-repayable grant was signed between the Ministry of Investment and International Cooperation and the EBRD to pave the way for implementing another €290 million loan agreement with the bank to purchase 100 new locomotives, MENA reported.

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