Egyptian Transport Minister Kamel El-Wazir yesterday witnessed the signing of a preliminary agreement for the management and operation of the three lines of the high-speed electric train network.
The agreement was signed between the National Authority for Tunnels in Egypt, the Egyptian private-sector company Elsewedy Electric, and the German railway company Deutsche Bahn (DB).
"The step comes in preparation for signing a final contract to hand over the management and operation of the network to the German company for a period of 15 years, extendable for another 15 years," the state-owned news website Ahram Online reported, citing a statement by the Egyptian Ministry of Transport.
The minister stressed that the agreement comes as part of a plan to maximize cooperation with the private sector and benefit from the expertise of international companies in the field of management and operation of modern transport projects.
It added that the deal includes transferring expertise and training Egyptian engineers and technicians, with Egyptians constituting 90 per cent of those working on the project.