Egypt to Get Monorail
World Economy

Egypt to Get Monorail

Canada’s Bombardier and Egypt’s Orascom Construction and Arab Contractors will build a $1.5 billion monorail near Cairo, Egypt’s housing minister said.
The 52-kilometer (32 mile) project is set to be completed by mid-2018 with funding from a 14-year loan, Mostafa Madbouly said in a statement, without saying who was providing the funds, Reuters reported.
The train will connect the Cairo metro system, which is being expanded, to areas west of the capital including 6th of October City and Sheikh Zayed.
Cairo, a centuries-old metropolis where more than 20 million people reside, has suffered for years from crumbling infrastructure and neglect. Improved public transport could help reduce congestion in streets where commuters compete with commercial traffic, three-wheeled tuk-tuks and donkey carts.
The move comes weeks after the government announced a project to build a new capital southeast of Cairo, a proposal that has received mixed reviews.
Madbouly said technical and financial offers for the rail project had been approved, but Reuters could not immediately reach the companies to confirm the details.
Orascom, an engineering and building business, is controlled by Egypt’s prominent Sawiris family. It announced plans late last year to build a $3 billion coal-fired power station on the Red Sea coast in a joint venture with Abu Dhabi state fund International Petroleum Investment Co (Ipic).
Bombardier provides rail vehicles, signaling and control equipment, as well as making planes.


Short URL : http://goo.gl/Dis1F8

You can also read ...

Even though the US tariffs on their own may have a limited impact, global economic growth will slow should US trigger a trade war with  China or the European Union.
The volume of global trade grew faster than the world economy...
OECD Finds No Consensus on Interim E-Commerce Taxes
The Organization for Economic Cooperation and Development’s...
S. Arabia Among World’s Worst Performing Property Markets
Saudi Arabia’s real estate market continued to be one of the...
Since China’s entry into the World Trade Organization in 2001, it has become the most formidable  economic competitor the United States had even seen.
The US national debt exceeded $21 trillion for the first time...
Greece Looking Economically Vibrant on Road to Recovery
It’s nearly springtime in Athens: street trees are heavy with...
Merkel Says Trying to Boost Domestic Demand
Germany is trying to stimulate domestic demand to offset...
Gaza growth fell from 8% in 2016  to a mere 0.5% in 2017.
Gaza has seen conditions steadily deteriorate over the last...
ECB wants to keep headline inflation below,  but close to 2% year-on-year.
Eurozone consumer prices grew less than expected in February...