The Transport Ministry is in talks with international funding institutions to secure a USD 220-230 mn loan needed to complete railway track upgrades USD 40 mn of that amount will be used to purchase new equipment needed for the project, sources tell Al Mal. The ministry has already completed work on 200 km of a total 1,200 km of rail being upgraded under an expansive development program for the sector that’s expected to take 3-5 years and cost around EGP 44.6 bn to complete. The ministry is also in talks with 10 global consultancy firms who are expected to participate in the bid for the new railway project connecting Ain Sokhna, with the new administrative capital, 6 October City, and Alamein, as well as the 35 km 6 October-Giza monorail. The Transport Ministry had decided this week to hike railway tickets by 20-25% to help boost sector revenues.

Tags: