EGP 835 Million to Revamp Railways -- Ashraf El-Arabi

Planning and International Cooperation Minister Ashraf El-Arabi has agreed to allocate EGP 835 million in the 2012-2013 budget to develop Egyptian railways to avoid more accidents. He added that the funds will go for importing spare parts of vehicles, automatic control devices and air-conditioned carriages. The funds, required to implement an "urgent" plan for the maintenance and development of the Egyptian railway, will include EGP 635 million from Egypt's treasury and EGP 200 million from the National Investment Bank, said El-Arabi. He said that up to EGP 200 million will be earmarked for repairing and automating around 321 railroad level crossings.