PM: Govt is serious about ‘development corridor project’

Prime Minister Essam Sharaf met with Farouk al-Baz, director of the Center for Remote Sensing at Boston University, on Tuesday to discuss ways to implement the scientific “development corridor project” proposal for Egypt, which would cost US$24 billion.

It was suggested that the project, to be implemented in two phases over ten years, would be financed by an Initial Public Offering for individuals and investors.

Sharaf said the government is serious about implementing the project. “It would create a corridor of trade between Alexandria and Capetown,” he added.

The prime minister also discussed ways to develop scientific research by revitalizing the role of the Supreme Council for Scientific Research.

Al-Baz said that the project would be launched in six months, and he advised the government to play a legislative role, leaving the actual implementation to an independent body.

Translated from the Arabic Edition

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