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Egypt, IBRD sign a $362.9 mln funding deal to develop railways network

CAIRO, May 26 (Reuters) - Egypt’s cabinet approved on Wednesday a funding agreement with the International Bank for Reconstruction and Development worth $362.9 mln 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 >SIEGn.DE< in January for construction of a $23 billion high-speed train line linking Egypt’s eastern and northern coasts.

Reporting by Moamen Said Attallah; writing by Mahmoud Mourad; editing by Gareth Jones

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