Minister of Transportation Ibrahim El-Demeiry attended the first meeting with the Egyptian Company for Road Projects, which will begin operations with a total of EGP 500m in capital.
The Egyptian joint-stock company, which was officially launched on Sunday, was established to manage and maintain expressways in Egypt.
The company will also handle cargo and passenger transportation services on the roads. “The capital of the company is 100% Egyptian,” an official statement from the Ministry of Transportation said.
The minister pointed out that the establishment of the new company comes within the country’s general plan to create an expressway network which complies with international standards and aids in the reduction of accident rates.
The minister added that the company’s budget and upcoming expenses have been approved. He stated that an auditor has been hired along with the board of directors (BODs).
Last week, El-Demeiry signed a Memorandum of Understanding (MOU) with the Chinese government to cooperate on a new $800m railway project, the first in Egypt to utilise an electric traction system. The new railways trains will use electricity as an energy source rather than traditional fuel sources.
The new two-way railways will be 80 km in length and will connect Bilbeis City, Sharqeya, and El-Salam City in Greater Cairo. The new railway would also be connected to the third metro line in Salam Station.