Egypt invests in its plans, as it seeks to loan billions
Egypt’s General Authority for Tunnels is aiming to close a $3 billion loan from the Gulf and several Egyptian banks, according to the Middle East Monitor on July 22nd.
According to Bloomberg, Egypt’s Authority for Tunnels aims to secure a loan to support its investment plan for the 2025-2026 financial year for the country. Several international banks, such as Qatar National Bank and the Bank of Kuwait, offered EGP $1 billion each in financing, according to a source who wishes to stay anonymous.
Additionally, Commercial International Bank has agreed to a loan to lend the government roughly EGP $620k, while the government is also negotiating a separate loan of EGP billion with a government bank in Egypt.
The General Authorities for Tunnels recently received guarantees from the Ministry of Finance in aid for the loans, which are set to cover its funding requirements for the 2025-2026 financial year. The loans are set to be repaid over a period of 25 years.
According to the Egyptian website, the authority is actively engaged in roughly 14 projects to secure Egypt’s future projects set to secure its future. The Projects include the light rail train, the monorail, and the fourth metro line.
Egypt is also being pressured to join the Abrahamic Accords, where the core member is Israel. Egypt, despite not being a part of the alliance, is being pressured by the US to join and become a key ally.
The alliance will allegedly help Egypt’s crippling and stagnant economy. However, Egypt refuses to be in alliance with Israel, where they also refused to do any sort of joint military operations, including the Israeli attacks on the Houthi rebels in Yemen.
On the same note, Egypt and Turkey made a trade deal to secure each country’s ties within the transport sector. Egypt, being Turkey’s top African trading partner, they are aiming to look further into establishing routes that link to Asia and Europe, which are the main objective of the trade deal.
Middle East Monitor, Maghrebi.org.
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