Projects Egypt’s Transportation Ministry had planned for 2011 and 2012 have been completely halted since the revolution broke out on 25 January, sources within the ministry told Al-Masry Al-Youm on Monday.
The sources, who spoke on condition of anonymity, attributed this stoppage to the political and security situation, which has caused foreign companies to withhold investments intended for Egypt until it’s clear what kind of political system will end up governing the country.
One setback, the sources added, was the government decision to revise the contracts of some companies and their legal statuses, after the previous regime had already approved them.
River Transport Authority (RTA) Chairman Karim Abouel Khair admitted to Al-Masry Al-Youm that since the revolution, planned investments have stopped and the authority has not received any new offers.
“The security void and political uncertainty made all investors avoid initiating any projects,” Abouel Khair explained, adding that the RTA retracted its plans to establish more river ports.
The RTA announced June that the volume of river traffic in 2010 more than tripled compared to the year before, saving the government about LE262 million in fuel subsidies and reducing the cost of road maintenance, the number of road accidents, traffic and vehicle maintenance. It also improved environmental conditions.
