Electra, Menarv, and Alstom Secure $9.6 Billion Funding for Haifa-Nazareth Light Rail Project

The consortium of Electra, Menarv, and Alstom announced the completion of financial closure for the Haifa-Nazareth light rail project, known as "Nofit," totaling approximately 9.6 billion shekels. This includes about 4.6 billion shekels for the construction phase and around 5 billion shekels for operation and maintenance. The funding was secured through a consortium led by Bank Leumi, enabling the project to move into full construction.

The concession to build the line was awarded in 2024 by Cross Israel Company. Electra and Menarv will handle civil engineering, route preparation, and infrastructure construction, while Alstom will lead rail system design, manufacturing and supply of carriages, system integration, testing, and commissioning. After completion, the line will be operated and maintained for approximately 20 years by a dedicated company jointly owned by Electra Afikim, Menarv, and Alstom.

The financial closure marks the start of the project's execution phase, following financing procedures involving the Ministry of Transport, Ministry of Finance, Cross Israel, and funding bodies. The "Nofit" line is the first light rail planned to connect the Haifa metropolitan area with the Nazareth and Nof HaGalil region. Spanning about 41 kilometers with 20 stations, it will run through Haifa Bay Central, Kiryat Ata, Shefa-'Amr, Reineh, Nof HaGalil, and Nazareth.

The line is expected to serve roughly 100,000 passengers daily, providing an alternative to congested northern roads. The project is promoted as a public-private partnership (PPP), with the concessionaire responsible for detailed planning, construction, financing, procurement, operation, and maintenance. The goal is to improve connectivity among northern communities, reduce travel times between residential, employment, and commercial centers, and encourage a shift from private car use to public transportation in the region.