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MIIC negotiates with financial institutions over $2bn fund for transportation projects - Daily News Egypt

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MIIC negotiates with financial institutions over $2bn fund for transportation projects

El-Wazir sacks deputy head of Egyptian National Railways

The Ministry of Investment and International Cooperation (MIIC) negotiated with several financial institutions to obtain $2bn fund for establishing transportation projects, the Investment Minister, Sahar Nasr, said on Sunday, following her meeting with the Minister of Transportation, Kamel El-Wazir.

The MIIC will coordinate with the transportation ministry to set the priorities of future funds from international financial institutions, Nasr added, affirming the importance of the transportation sector in attracting new investments to the country.

Furthermore, the MIIC successfully agreed with international institutions to provide funds of about $4.5bn for the transportation sector in addition to $153m in grants, Nasr elaborated.

The ministerial meeting discussed accelerating the implementation time of the current transportation projects, topped by the railway projects that the MIIC helped to get finance for, before mid-2020, Nasr said, adding, “We will support the railway projects to purchase new tractors, and support the establishment of Cairo Metro Line 4.”

Both ministers agreed to form a coordination group to arrange and review the transportation projects that need international finance.

For his part, El-Wazir said, “There is great cooperation between the two ministries to support the various transport projects. We have a comprehensive plan to develop all sectors of transport, whether the railways, Cairo Metro, and road projects.”

The Egyptian National Railways is an important facility serving millions of passengers, he asserted, noting, “The ministry works on developing all its sectors, and citizens will find new railways in Egypt by mid-2020.”

On the other hand, El-Wazir on Sunday sacked Mostafa Soltan, deputy head of the Egyptian National Railways for Financial Affairs, due to negligence, mentioning, “We will not allow any negligence in the ministry of transportation.”

The minister stated over his tour at the Sidi Gaber railway station that he will continue his surprise inspections for the railway stations to ensure the regularity of work and to tackle any obstacles affecting the work of the stations, explaining that any employee neglecting his work will be immediately sacked.

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