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Thursday, 23 November 2017

Egypt to receive EUR 500k grant for transport sector support from FEXTE

Egypt to receive EUR 500k grant for transport sector support from France: Investment Minister Sahar signed an agreement yesterday that will see Egypt receive a EUR 500k technical grant for transport development from the French Development Agency’s Fund for Technical Expertise and Experience Transfers (FEXTE), according to a ministry statement. The funding will be used to finance upgrades to public transport and railway ticketing systems in Cairo and Alexandria, changes to the maintenance management system to decrease operational costs, and drafting a plan to maximize commercial benefit from metro and railway stations. The agreement was signed on the sidelines of the French-Egyptian Sustainable City Week.

In related news, the Transport Ministry is in talks with France’s public transport operator RATP, which is interested in a contract to manage and run Cairo Metro’s Line 3 on a profit sharing basis, ministry aide Amr Shaath tells Al Borsa. The ministry will also be looking for a foreign firm to manage Line 4, Shaath said, adding that ticket prices will be revised as new stations come into operation during 2018 to reflect the distance traveled.

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