Following Saturday's fatal rail disaster, investment ministry announces plan to encourage investors to take part in upgrade of Egypt's aging road/rail infrastructure
Egypt's investment ministry plans to launch an initiative aimed at encouraging investors to participate in the renovation of Egyptian roads and railway intersections following a fatal train-bus collision in the Upper Egyptian Assuit governorate on Saturday morning that left more than 50 children dead.
At a meeting with local business associations on Sunday, Investment Minister Osama Saleh said the initiative would be launched under the rubric of "corporate-social responsibility."
"I have already contacted several investors in several governorates who expressed enthusiasm about the initiative," Saleh said.
The minister did not provide any further details, however, in terms of either anticipated financing or implementation.
Saturday's rail disaster has put the issue of Egypt's decrepit road infrastructure back in the spotlight. Transport Minister Rashad El-Metini and the head of the Egyptian Railway Authority both tendered their resignations in the wake of the accident.
Egypt suffered 16,830 traffic accidents in 2011, causing 7,115 fatalities. This translated into 111.7 deaths per 100,000 vehicles in Egypt last year, or 19.5 deaths per day.