Egypt is seeking a €500 million (approximately $590 million) loan from European financial institutions to fund the second phase of the Alexandria Metro project, part of the government’s plan to modernize urban transport and reduce congestion in the country’s second-largest city, according to Africa Business Insider.
The expansion will add roughly 31 kilometers of track and 22 new stations along the Abou Qir rail corridor, bringing the network closer to a projected total of more than 40 kilometers. The project is being overseen by the National Authority for Tunnels and aims to connect key urban centers, easing daily commutes for millions of residents.
Officials said the loan would come from European development banks and financiers with experience in large-scale transport infrastructure. Egypt plans to incorporate local manufacturing partnerships for specialized rail equipment, reducing reliance on imports and lowering the overall financing burden, initially estimated at over $1 billion for the second phase.
Once completed, the Alexandria Metro expansion is expected to improve urban mobility, reduce traffic congestion, and support long-term economic growth in the region, providing a faster, more efficient public transport system for residents and commuters.
