Daily News Egypt

Egypt’s Transportation Minister says US investments stand at $21.8bn - Daily News Egypt

Advertising Area

Advertising Area

Egypt’s Transportation Minister says US investments stand at $21.8bn

Egypt removes obstacles, changes regulations to facilitate investments, says Minister Kamel El-Wazir

Egyptian Minister of Transportation Kamel El-Wazir revealed, on Monday, that the US investments in Egypt amounted to $21.8bn.

At the same time, the volume of trade exchange between the two countries stands at about $6.8bn, with Egypt exporting goods worth $2.5bn.

During his meeting with members of the American Chamber of Commerce (AmCham) in Egypt, El-Wazir announced that US company, Bechtel Corporation, is preparing to participate in the implementation of the Cairo Metro Line 6 project.

He said that his ministry has met with the US company to discuss the new Cairo Metro project, and asserted that Bechtel Corporation will conduct studies on the project. It will present the results of these studies to the Ministry of Transportation in order to sign an agreement.

The minister said that the cooperation with General Electric (GE) in the field of transportation is a positive example that should be followed.

El-Wazir praised GE for its distinguished system of work, and said that the company has abided by its pledges with the government and supplied 100 tractors between March and October 2020. The supply of equipment came despite the spread of the novel coronavirus (COVID-19) pandemic.

He said that the Egyptian government is working to remove obstacles and change regulations and laws to attract and facilitate foreign investments. He also confirmed the Ministry of Transportation’s keenness to cooperate with investment companies in establishing many projects aimed at improving marine and river transport, and constructing dry ports.

El-Wazir explained that his ministry is working to establish seven railway projects, including a line to Siwa, and a connection between Salloum and Benghazi. These projects will occur in addition to the Cairo-Aswan railway which will connect Egypt with Sudan.

The railway projects will also include the Taba railway, which aims to connect Sinai and the rest of Egypt, El-Wazir said. This line will, in the future, extend to other Arab countries located in Asia.

He stated that the Ministry of Transportation will also apply intelligent transportation systems (ITS) on 21 of Egypt’s highways. The move aims to improve the safety, efficiency, and sustainability of the country’s transportation networks, and will reduce traffic congestion. In addition to enhancing the driver experience, the ITS system will also allow the government to detect every car and driver using the highway.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter