Egypt’s Transport Eyes to Allure EGP87 bln Investments from 2014-2050

The Egyptian Ministry of Transportation which is representing in maritime sector is aiming to allure EGP87 billion investments within the period ranging from 2014 to 2050 through establishing and operating specialized plants for enhancing the major Egyptian ports.

Major General Ibrahim Yusuf, Advisor to the Minister of Transport for the maritime sector said the plan divided into two phases the first for attracting EGP50 billion investments from 2014 and until 2030 along with increasing the trade volume of the Egyptian ports from 120 million to 370 million tons.

He explained that the first phase will allow 55 K job opportunities , 129 K direct job opportunities , in addition all the indirect financial activities which related to the ports, to increase the Egyptian exports and also to activate Egypt’s role in the logistic services.

He asserted that the second phase is aiming to attract EGP37 billion from 2030 till 2050 to enhance the trade volume from 370 million to 600 million tons annually.

Furthermore he emphasized that despite what was witnessed by Egypt in the last phase including economies Recession of the European Union, beside the Egyptian economic growth which declined from 7% to 2.2% annually , but the Egyptian ports are still keeping its rates.