Over the next 20 years, the government of Egypt intends to spend about LE 400 billion ($103 billion) on transport infrastructure projects, said Ibrahim Al-Damai, the Egyptian minister of transport, speaking last week at Minia, in Upper Egypt.
To advance such progress, Al-Damai invited foreign investors to take a stake in Egypt’s economic development, but noted that investors would have to fulfill a number of criteria. Among these are stipulations that investors have to bring their capital in with them rather than borrowing from the Egyptian banks. It is also required that projects would be carried out using Egyptian labor.
Egypt’s transport network is in real need of development, the minister stated, and if this is achieved in Upper Egypt, he added, the region would be better equipped to attract migrants from the Nile valley.
One plan involves electrifying the railway network, which currently operates using diesel-powered locomotives. When complete, the railway electrification project is expected to save 2.2 million ton of fuel a year. It will be implemented in phases, the first of which will involve the line from Cairo to Alexandria, the second involving the line from Cairo to Assuit and the third from Assuit to Aswan. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com )