Egypt Transport Chiefs to seek French Investment

On October 2nd, 2010, posted in: Oct 2010 News by

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CAIRO (Reuters) – Egyptian transport officials including the transport minister will visit France soon to discuss potential investment in subway, rail and other transport projects, the state news agency said on Saturday.

Egypt, faced with a growing population and public discontent after a series of fatal rail, road and sea accidents, is eager to upgrade its creaking transport system. Officials have said they will turn increasingly to private companies for such work.

Transport Minister Alaa Fahmy will meet with French Trade Minister Anne-Marie Idrac, Economy Minister Christine Lagarde, and his French counterpart during a three-day trip, the Middle East News Agency (MENA) reported.

Egyptian officials will also promote road, rail, subway and port projects in a workshop for about 30 French transport companies, it added.

Traffic is often gridlocked in the capital of the Arab world’s most populous nation, and economists say the country needs a better network of roads and public transport to encourage growth and productivity.

French contractors were involved in building Cairo’s subway system, which consists of two underground lines through the capital. Egypt is now expanding the network.

Last year, a joint venture including France’s Bouygues and Vinci, along with Egypt’s Orascom Construction Industries and Arab Contractors, won a contract for civil works on the metro’s third line.

Source: Reuters.  Image: Reuters

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