$2.2B in agreements signed in transport field during EEDC

CAIRO: Six agreements were signed between the Ministry of Transport and international companies on the sidelines of the three-day economic conference hosted in Sharm el-Sheikh, to implement projects worth $2.2 billion in ports and railways, Youm7 reported.

Scheduled to end on Sunday, the Egypt Economic Development Conference (EEDC) has witnessed a number of deals and agreements signed between Egypt’s ministries and global companies in different sectors.

In the transport sector, the signed agreements involved logistic projects at the Ain Sokhna Port worth 4 billion EGP ($524 million) with the Dubai Ports World Company, and a partnership agreement worth $500 million ($415 million) with the Chinese AVIC International Holding Corporation to manufacture trains in Egypt and an agreement to establish, operate and finance the Alexandria-Abu Qir electrified train with a total cost of $500 million.

Also, the ministry signed a memorandum of understanding for investment in a freight transport railway between Sokhna and Helwan at a total cost of $490 million.

Another memorandum of understanding was signed to build and develop a multi-purpose station at Alexandria Port worth $250 million. The Ministry of Transport further signed a memorandum with the Italian state-owned Railway Authority regarding general consultations on the Cairo-Alexandria high-speed train project, as well as Abu-Qir railway line development project.

During a Sunday session in the conference, Minister of Transport Hani Dahy also announced the ministry’s strategy to implement investment projects worth $13.5 billion within the next three years, including projects worth $1.8 billion in the ports’ sector.

On Saturday, Dahy met with a representative from the China Harbor Engineering Company (CHEC) to discuss initial technical and economic studies carried out to implement a high-speed train project to link between Alexandria and Aswan.

Additional reporting by Reda Hebeishy

Recommend to friends

Leave a comment