MEED reported that Egypt will invest EUR 60 billion in its transport infrastructure over the next 3 years.

The Transport Ministry said that it is targeting investments in the country's road network, railways, public transport, ports and river transport. The ministry has signed a MoU with National Bank of Egypt to establish a EUR 10 billion fund to invest in the country's roads.

According to the ministry, it will have spent an estimated USD 8 billion in the country's ports by 2011. Of the USD 8 billion, Cairo has already invested USD 3.7 billion in its ports since 2006.

Cairo is also planning to establish a company to build and manage railway projects worth EUR 2.5 billion including the EUR 500 million monorail project proposed for Alexandria.

The government will retain a 10% stake in the company with 51% taken by local shareholders and the rest sold to the public.

(Sourced from MEED)