Egypt’s Railway Authority’s 2015/2016 budget may reach EGP 12.8bn

Egypt’s Railway Authority is working out the final touches on what would be its largest annual budget ever, estimated to reach EGP 12.8bn, which it plans to spend on developing and renewing a worn-out network.

The budget is a huge surge from the EGP 5.9bn allocated for the authority in the fiscal year ending in June. Head of the Authority Ahmed Hamed told Daily News Egypt that talks are ongoing to secure the financing of the one-year investments.

“We are in talks with foreign institutions to finance at least EGP 1.4bn of the budget,” Hamed said, naming the European Bank for Reconstruction and Development (EBRD), the Hungarian government, and Chinese institutions among those pursued for financing.