Transport Minister looks to the private sector to help it fund electric rail project

Transport Minister Hisham Arafat urged the Tenth of Ramadan Investors Association to participate in funding the electric railway project linking Salam City with the new administrative capital during a meeting with the association yesterday, Al Borsa reports. Reports had emerged last month that the Transport Ministry is struggling to arrange its USD 500 mn share of the project’s funding. The project has received around US 1.2 bn in funding thus far, after Egypt and China signed last week a USD 739 mn funding agreement for the first phase of the project.