07 September, 2023
Orascom Construction PLC (Nasdaq: OC; EGX: ORAS) announces that its consortium with Colas Rail has signed an Engineering, Procurement and Construction (EPC) contract with the National Authority for Tunnels (NAT) to build a new regional metro system in Alexandria, Egypt.
Orascom Construction and Colas Rail will deliver a new electrified metro system that will enable efficient, safe, and low-carbon mass transportation in Alexandria.
This project, spanning 21.7 km and encompassing 20 stations to connect downtown Alexandria with the northeastern town of Abu Qir, marks an important milestone as the first modernization of a transportation system in Alexandria.
The total contract value for the project amounts to approximately EUR 1.3 billion. Funding for this project will be provided by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), L’Agence française de développement (AFD), and the Asian Infrastructure Investment Bank (AIIB).
Orascom Construction has played a major role in the development of Greater Cairo Metro since the 1980s and is proud to now build a modern metro system in Alexandria. This project also underscores Orascom Construction’s leadership and expertise in the transportation sector, and indicates the Group’s ability to secure high-quality projects with funding from international financial institutions.
The Group’s current and past projects in this sector cover a wide range of state-of-the-art and sustainable transportation systems, and include major projects such as high-speed rail, metro, monorail, railway, and light rail transit across over 3,500 km in Egypt and the Middle East.
This project also extends Orascom Construction’s longstanding partnership with Colas Rail on past projects such as Greater Cairo Metro and future potential projects.