re posted from EIR DAILY ALERT SERVICE
Egypt Creates National Railway Industry
Nov. 26 (EIRNS)—The Egyptian Sovereign Fund and the Suez Canal Economic Zone authority announced their partnership in the creation of a national railway industry yesterday, as part of moves to build up the domestic rail industry.
Egypt’s Minister of Planning Hala El-Saeed said the private sector alliance includes Orascom Construction, Hassan Allam Holding, Connect Professional Services and Samcrete Investments. The project will produce 300 railway cars annually and provide 2,000 jobs, as well as increase Egypt’s ability to export regionally and internationally.
El-Saeed said the national railway company will manufacture, repair, replace and renew railway cars, turning Egypt into a center for railway industries and technology. Investments in the company will reach $10 billion in coming years, he said.
Source: EIR Daily Alert Service