By Islam Atrees
Chairman of the National Authority for Tunnels Ismail El Nagdy stated that the Legal Affairs and Legislation Committee of the State Council reviewed a draft law three days ago which allocates financial resources that previously belonged to the Egyptian Railway Authority to be transferred to the Tunnels Authority.
He added that the law is expected to grant power to the authority to fund tunnel and metro projects.
According to Sameh Refaat, vice chairman of the authority, the draft law aims to make the authority dependent on its own resources, as opposed to taking the form of a services entity, and enables it to establish specialised investment companies under its umbrella.
Sameh clarified that one of the proposals the authority is looking into following the approval of the law is to establish a company to operate each metro line instead of limiting management and operation for all three lines to the Egyptian company .
According to Refaat, these changes will increase revenues as well as competition with other means of transportation.
He announced that the authority intends to establish one company that will specialise in transferring facilities, another that will make use of the land surrounding metro lines, and a third that will build garages. A consultancy office will complete feasibility studies for each company.
Refaat added that existing law does not grant the authority the right to establish companies.