Egypt needs $11bn to upgrade transport system; minister says amid train derailment

Egyptian transport system needs around 90 billion Egyptian pounds (US$11.5 billion) to be upgraded , Minister Saad El-Gioushy stated Thursday in an interview.

He emphasised that the participation of the private sector in developing the transportation system  is necessary in order to finish it as soon as possible and overcome the obstacles that the system faces.

Commenting on the train derailment in Beni Suef government, El-Gioushy asserted that the government and transport minister are responsible for the accident.

He said that he will meet with the Egyptian Prime Minister Sherif Ismail and Minister of Planning Ashraf El Araby to talk over the necessary finances for developing the system and how to provide it .

On Thursday morning, at least 69 people were injured when a train derailed and two of its cars overturned as it was travelling north toward Cairo.

The minister added that railway system needs 6 billion pounds to be upgraded, clarifying that the ministry has talked with finance and planning ministries to provide those funds.

The Egyptian government targets borrowing US$50 million for upgrading state’s transportation system , El-Gioushy noted, adding that the government has not reached any agreement with any financing organisations yet.