Egypt Signs $4.4bn Railway Contract to Boost tourism

Image processed by CodeCarvings Piczard ### FREE Community Edition ### on 2019-01-26 12:24:31Z | http://piczard.com | http://codecarvings.com

Egypt has signed a $4.45 billion contract for the construction of a 660 km high-speed electric rail line that will link the Red Sea and Mediterranean coasts.

The contract which was signed between Egypt’s National Authority for Tunnels (NAT) and a consortium including Siemens Mobility, Orascom Construction (OC.DI) and Arab Contractors will cover the design, installation and maintenance stages of the rail link for over 15 years.

The link will include a main railway designed to carry more than 30 million passengers every year as well as a freight line, and will run between the Red Sea port of Ain Sokhna and the Mediterranean ports of Alexandria and Marsa Matrouh.

Your Friends Also Read:  Ouattara Recovers from Covid-19, Resumes Presidential Duties

The consortium is projected to directly create more than 15,000 jobs in Egypt, with an additional 3,800 at Egyptian suppliers and indirectly through the wider Egyptian economy.

The Egyptian government is investing heavily to build the 1,800km high-speed rail network to transport people and goods across the country and reboot its infrastructure sector.

The project will also help promote tourism through a fast, modern, and safe means of transportation characterised by the highest levels of efficiency and safety to meet the needs and expectations of all Egyptians across the country, which is considered a major leap in the field of rail transport.

Your Friends Also Read:  Rebels Enter Mekelle as Ethiopian Forces Retreat From Tigray

Egypt has an extensive rail network but it has suffered from decades of underinvestment and has been plagued by accidents.

According to the International Monetary Fund, Egypt was one of the few emerging market countries that experienced a positive growth rate in 2020.

The country expects real gross domestic product growth to increase by 5.2 per cent in the 2021-2022 fiscal year, up from 2.8 per cent in the previous fiscal year.

Leave your vote


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  President Museveni Locks Down Kampala as Covid-19 Cases Surge

Contact: digital@newscentral.ng

Total
0
Shares
Previous Article

Lesotho Ranks Sixth Country with Highest Murder Cases

Next Article

Salaries of Striking "NARD" Doctors Withheld in Compliance With FG's No-Work No-Pay Rule

Related Posts

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.