Egypt inked on Monday two deals with the European Bank for Reconstruction and Development (EBRD) to renew locomotives and improve the commodities shipping system, with a total fund of €1.5 million (28 million Egyptian pounds).
Part of the fund will be used to improve the Egyptian National Railways’ shipping system and establish a subsidiary company for shipping, in addition to developing a new system for tracking goods.
The funds from the other agreement will be allocated to buy 100 new tractors for €290 million, according to a statement issued by the Ministry of Investment and International Cooperation.
Minister of Transportation Kamel El-Wazeer said his ministry has signed contracts to purchase 250 new locomotives including the 100 new tractors that the EBRD will fund.
“There is fruitful cooperation with international constitutions and banks to improve the transportation sector, especially the railway system,” he added.
Director of the EBRD’s office in Egypt Khaled Hamza has said that the total EBRD investments in the Egyptian market have reached €5 billion in several sectors, especially in industry, development and infrastructure.
“We eager to continue cooperation with Egypt. The two agreements will boost this vital sector, as well as accelerate Egypt’s economic growth and make use of the inclusive economic reform programme which is paving the way to attracting more investment to the local market,” Hamza highlighted.
Source: Ahram Online