Mon, 26 Oct 2020 - 11:31 GMT
FILE - Monorail
CAIRO – 26 October 2020: The Cabinet approved on Monday the establishment of the National Company for Railway Industries in SCzone.
The step comes in light of the directives of the political leadership to localize the production of locomotives in Egypt.
Minister of Planning and Economic Development, and Chairperson of the Board of Directors of The Sovereign Fund of Egypt drew attention to the multiple meetings that brought together the ministers of planning and transportation to follow up on the implementation of mechanisms, and discuss the latest developments regarding the executive steps for establishing the first factory for electric and diesel locomotive mobile units in East Port Said.
Said also discussed the steps for establishing the company responsible for establishing and managing the factory in partnership with the General Authority for the Suez Canal Economic Zone, The Sovereign Fund of Egypt and the private sector.
The minister of planning and economic development stated that the establishment of the company comes with the aim of manufacturing, maintaining, replacing, and renewing railcars to settle that industry.
A mechanism shall be developed to enable the ministry of transportation to determine the global price of the final product.