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Egypt Independent

DDC Alliance receives Chinese loan to help finance high-speed train between Port Said and Abu Qir

The DDC Alliance, which includes the EL-DIDI Group, Gama Construction, and Concord, has successfully secured guarantees for a three billion dollar loan from several Chinese banks to finance the implementation of the high-speed train project, which connects the ports of West Port Said to Abu Qir, a length of 250 kilometers. The group's legal advisor, Emad al-Hefnawy, revealed that the alliance is currently negotiating with the Transport Ministry to acquire 150,000 acres within the project's route, in order to invest them commercially as an additional resource to help cover the Chinese financing installments. He noted that technical and financial studies for the high-speed train project have already been completed and presented to Chinese financing institutions, which have given their initial approval for the loan. The project is expected to be fully implemented within an estimated four years. The project comes within a memorandum of understanding previously signed between the group and Transport Ministry. It aims to connect Mediterranean ports through the project's integration with the existing railway network and land and sea ports, maximizing the transport capacity of goods and passengers. Hefnawy emphasized that the alliance aims to recoup the project's implementation costs within 10 years through launching accompanying investment activities – particularly commercial malls within train stations, enhancing economic returns and stimulating financial sustainability. Part of the project is also an ambitious plan to localize the high-speed train industry in Egypt, through the local manufacture of train components and signaling systems, in cooperation with the National Egyptian Railway Industries Company (NERIC), starting from the first phase of implementation. All financial and economic studies are scheduled to be completed, with the final trajectory of the project to be determined by the end of the year, paving the way for the actual commencement of implementation. According to currently available data on the project, it is set to include 14 stations, starting from the Ismailia-Port Said railway line, passing through the cities of West Port Said, the Furniture and Industrial Cities in Damietta, and finally New Abu Qir, connecting with the Abu Qir-Masr Station tram line in Alexandria. The ministry is counting on the project to serve freight transport by rail, particularly to the main seaports in West Port Said, Damietta, and Abu Qir in Alexandria, as well as to the industrial zones within these governorates.