Egypt to invest $10.8bn in transport projects

08 September 2009

Egypt will invest £E60bn ($10.9bn) in its transport infrastructure over the next three years.

The Transport Ministry says it is targeting investments in the country’s road network, railways, public transport, ports and river transport.

The ministry has signed a memorandum of understanding with National Bank of Egypt to establish a £E10bn fund to invest in the country’s roads.

According to the ministry, it will have spent an estimated $8bn in the country’s ports by 2011.

Of the $8bn, Cairo has already invested $3.7bn in its ports since 2006.

Cairo is also planning to establish a company to build and manage railway projects worth £E2.5bn including the £E500m monorail project proposed for Alexandria.

The government will retain a 10 per cent stake in the company, with 51 per cent taken by local shareholders and the rest sold to the public.

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