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MIIC held talks with Ministry of Transport to discuss ways of raising fund from financial institutions.
Egypt Ministry of Investment and International cooperation (MIIC) are negotiating with several financial institutions to raise funds. This funds which is worth US$2bn will be use for transportation project in the nation.
The announcement was made after the MIIC boss held a meeting with the Ministry of Transportation, Kamel EL-Wazir yesterday. During the meeting, MIIC will coordinate with the transportation ministry and set priorities of future funds from international financial institutions. This will also help in attracting new investment to the country.
MIIC minister Sahar Nasar said “We will support the railway projects to purchase new tractors and support the establishment of Cairo Metro Line 4.”
Meanwhile, the ministerial meeting further discuss accelerating the implementation time of the current transportation projects. The both ministers agreed to form a coordination group that will arrange and review the transportation projects that needs international finance.
Minister for Transportation, Kamel EL-Wazir said ”There is a great cooperation between the two ministers to support the various transport projects. He also said We have a comprehensive plan to develop all sectors of transport, Weather the railways, Cairo Metro and the road projects.”
According to Nasar, MIIC has successfully agreed with international institutions to provide funds of about US$4.5bn for the transportation sector in addition to US$153m grants.