Cairo – Mubasher: The Egyptian investment and international cooperation ministry is in talks with a group of partners over a $2 billion financing for the development of the transport sector in the coming period.
The ministry has got up to $4.5 billion in financing for the transport sector development, from which around $1.6 billion was already withdrawn, Egyptian investment minister Sahar Nasr said in a statement.
Egypt’s transport sector has received around $153 million in grants, according to the statement.
The ministry is keen on constantly collaborating with the transport ministry through negotiating with international financiers, Nasr said.
She stressed the importance of the transport sector in attracting investments, establishing new cities, and boosting trade volume.
This came on the sidelines of a meeting between newly appointed transport minister Kamel El Wazir and Nasr to discuss the funding plans of ongoing projects, as well as projects set for execution over the coming period.
For his part, El Wazir stressed that the government will implement a full-fledged plan to develop the railways, the underground, roads, and maritime transport in accordance with the global standards.
He noted that the railway is a vital facility that serves millions of commuters, adding that the railway will be fully developed by 2020.
