A consortium of Israeli banks has signed a contract worth 9.6 billion shekels (~$3.1 billion) for the construction and operation stages of the Nofit light-rail project linking Haifa to Nazareth, Israeli financial outlet Globes reported on Tuesday.
The government company Trans Israel was selected in 2024 to advance the project, aimed to serve Israel’s northern residents in three main hubs: the Haifa region, the Krayot region and the area of Nof HaGalil and Nazareth.
The Nofit light-rail line will span approximately 41 kilometers (25.5 miles) and include 20 stations, along with transit terminals and park-and-ride facilities, according to the Trans Israel website.
More than 30 light-rail vehicles will operate on the line at speeds of up to 62 mph, with trains arriving every four to 10 minutes.
The train will be powered by electricity and use innovative, advanced green technology, with around 100,000 passengers expected to use it daily to commute to work, school, or other destinations, according to the project’s website.
Following a year’s delay in construction due to the ongoing war, a consortium of banks led by Bank Leumi has signed a financing agreement with Electra, Minrav, and Alstom, the private firms chosen by Trans Israel to design and execute the project, according to Globes.
The project is now scheduled for completion in 2029.
