Transport Minister Ibrahim al-Demery revealed on Monday a development plan for Egypt's railway network, which would cost the state budget some LE76 billion.
He said the plan, already started in 2013 and projected to last 10 years, aims to purchase new tracts and develop stations and all infrastructure facilities.
The second part of the plan is to launch two high-speed trains, one that can reach 180 km/h and the other 350 km/h on the western side of the Delta and Upper Egypt, parallel with the development of the freeway network.
The third part aims to develop the Werdan Railway Institute into a university so as to improve the qualifications of the graduates.
He also said Cabinet has approved the formation of separate company for the high-speed train to be put forward in an IPO on the stock market.
He explained that the first stage of the plan will take three years and covers the 220km Alexandria-Giza line to serve 50 million passengers a year, the second will also take three years and covers the 400km Giza-Assiut line to serve 20 million passengers a year, and the third covers the Assiut-Aswan line and will take five years.
Edited translation from Al-Masry Al-Youm