Egypt to implement 59 transport projects for $26 bln: Minister

Egypt to implement 59 transport projects for $26 bln: Minister

Egypt's Minister of Transport Kamel El-Wazir said that 59 projects worth $26 billion will be implemented in the transport sector.

These include 14 future projects worth $4.4 billion that will be put into railways, the Cairo Metro, and Safaga Port. These projects are to be financed by international institutions.

El-Wazir said the private sector is a key partner in these projects.

The minister made his comments during an online meeting on Thursday with Minister of International Cooperation Rania El-Mashat and a number of international financial institutions.

El-Mashat said that 40 ongoing projects in Egypt's transport sector have recorded $50 billion, financed by international institutions and countries.

She added that the transport sector makes up 4.6 percent of Egypt's GDP and provides 6.2 percent of the job opportunities in the domestic market.

Director of Neighbouring Countries' Operations Department at the European Investment Bank (EIB) Flavia Palanza said profound cooperation between the public and private sectors is essential for intensifying investments in the transport sector, adding the EIB is willing to support infrastructure projects in the sector.

Khaled Hamza, associate director and deputy head of Egypt at the European Bank for Reconstruction and Development said the bank seeks to conclude more agreements