Egypt’s Ministry of Transportation has signed a memorandum of understanding (MoU) with the Chinese Government, along with Aviation Industry Corporation of China, for the development of a new $800m railway project.
The proposed 80km-long two-way railway will be the first to use electric traction system and connect Bilbeis City, Sharqeya, and El-Salam City in Greater Cairo.
The new railway will also be linked to the third metro line in the Salam station, Egypt.
Egypt’s Ministry of Transportation announced plans for the $10bn project in March to connect the country’s northern and southern borders from Alexandria’s Mediterranean coast to Aswan, and to run trains at a speed expected to reach 350kmph.
As part of the MoU, China has agreed to offer complete designs and final studies for the implementation, as well as the project’s costs and timeframe to the Egyptian Government.
Phase I of the high-speed train project spanning 200km will be completed over the next three years and will connect Alexandria to Giza.
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Egypt Transport Minister Ibrahim El-Demeiry said that the project supports educational, industrial and trade institutions on both sides of this railway axis and contributes to the reduction of accidents and pollution levels.
The Egypt Government is also planning to issue public shares to finance the project.