Egypt’s cabinet approved on Wednesday a funding agreement with the International Bank for Reconstruction and Development worth $362.9 million to develop the Egyptian railways network.
The deal, with the lending arm of the World Bank Group, was signed on April 28, the cabinet said in a statement.
Egypt, which has witnessed several deadly railway crashes recently, signed a memorandum of understanding with Germany’s Siemens in January for construction of a $23 billion high-speed train line linking Egypt’s eastern and northern coasts.
