Egypt is in discussions with European lenders to secure a €500 million ($590 million) facility to finance the next stage of the Alexandria Metro, Asharq Business has reported.
The financing package is part of the government’s wider strategy to upgrade public transportation networks and tackle traffic bottlenecks in Alexandria. Once fully completed, the rail corridor is expected to stretch 43 kilometres, linking Abu Qir in the east to Borg El Arab in the west, with trains designed to reach speeds of up to 100 kilometres per hour.
Plans for the second segment outline a 31-kilometre addition featuring 22 stations. Of that distance, 19 kilometres will run on elevated tracks, while 12 kilometres will be constructed at surface level.
According to sources cited in the report, earlier projections placed foreign funding requirements at over $1 billion. Authorities are now seeking to scale down that amount by boosting local manufacturing and restricting imports to specialised components that cannot be sourced domestically.
Efforts to increase domestic production have already drawn interest from roughly six global rail companies. One of them, France-based Alstom, is building an industrial hub in Borg El Arab that will produce electrical equipment and train units for metro, tram, monorail and high-speed rail developments.
Meanwhile, the Ministry of Transport has shared aerial visuals highlighting advancements on the first phase. That stretch covers 21.7 kilometres between Abu Qir Railway Station and Misr Station and incorporates 20 stops, combining ground-level and elevated platforms.
Government officials consider the metro scheme a cornerstone project aimed at relieving road congestion and reinforcing infrastructure along one of the country’s most heavily used coastal routes.