10 Billion Shekel Financial Closing: 'Nofit' Light Rail Project Moves to Implementation
Following a year-long delay due to war-related funding challenges, the financial closing for the 'Nofit' light rail project has been finalized. The 41 km line will connect Haifa, Nof HaGalil, and Nazareth, serving an estimated 100,000 passengers daily.
A major public transport project in the north of Israel is moving to the implementation stage: a consortium including Electra, Minrav, and Alstom has officially signed the financial closing for the 'Nofit' light rail project. The deal was led by a banking consortium headed by Bank Leumi. The financing amounts stand at 4.6 billion shekels for the construction period and approximately 5 billion shekels for the operation period.
The project, awarded to the group in 2024 by the Cross Israel company, will span 41 kilometers and is expected to serve about 100,000 passengers per day. The railway will create transport continuity across the northern metropolis, linking the Haifa cluster, the Krayot cluster, and the Nof HaGalil-Nazareth cluster. According to the Ministry of Transport, approximately 30 trains will operate on the line with a maximum frequency of 4 minutes and speeds of up to 100 km/h on intercity sections.
Last July, Globes reported that the war had led to difficulties in securing project financing, threatening to push the opening beyond 2030, compared to the original 2028 completion target. Now, after a year-long delay, the financial closing has been finalized, and the project is set to proceed. Electra and Minrav will lead civil engineering and infrastructure construction, Alstom will oversee the design of railway systems, and operations will be managed by a joint venture of Electra Afikim, Minrav, and Alstom.
"Reaching the financial closing is a tremendous achievement for the Nofit project and serves as clear evidence of the deep commitment of all partners to the path. This milestone allows us to move forward with full confidence to the implementation stage. We are proud to lead together the construction of a smart and advanced transport solution that will enhance connectivity in the north, support the economic development of the region, and faithfully serve the local communities for the coming decades," stated the consortium representatives at the signing ceremony.
