Egypt invests LE400 billion on infrastructure in 20 years
Egypt, Economics, 4/14/2001

"The government spent LE 400 billion on the infrastructure projects over the past 20 years," said the Minister of Transport.

In a rally in Menia, Upper Egypt, on Friday, Ibrahim El-Demeiri said his ministry invited Arab and foreign investors to invest in a number of its huge projects under certain conditions aiming to protect the national economy.

One of these conditions is that the investor has to bring his capital with him and not to borrow from the Egyptian banks and that the project should be carried out by Egyptian manpower.

He said there is a plan to develop the transport sector in the country especially in Upper Egypt, which will be the future haven that will help getting out of the narrow valley.

"There is a plan to electrify the train sector instead of having it working by diesel. This plan will be implemented in phases, the first of which will cover the distance from Cairo to Alexandria, the second from Cairo to Assuit and the third from Assuit to Aswan," he added.

"The project is set to spare 2.2 million ton of fuel a year," he noted.

"The ministry built a network of roads extending to 44,000 kilometers in the whole country," said the minister, adding that a number of highways are under construction in accordance with the B.O.T system due to their high cost, which is estimated at LE 4-5 billion.

Demeiri promised to build an airport in Menia to serve the tourist traffic and lure more investments.

On the other hand, the Minister will preside over next Wednesday a meeting of EgyptAir General Assembly to endorse its budget and set rules of distributing profits among its employees.

The Minister said the upgrading of the national carrier aims at increasing its revenues and capabilities to face world competition.

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