Egyptian Transport Minister Mohamed Mansour said Wednesday that his government has agreed to allocate 1.48 billion U.S. dollars to reform the country's dilapidated rail sector, the decision came after a major train crash on Monday.

During an emergency meeting of the People's Assembly Transportation and Telecomm Committee, Mansour said that the government will endorse this allocation on Thursday.

Mansour said that the money will go for developing railway stations, upgrading rolling stock, computerizing the railway sector and providing needed spare parts.

A major train collision occurred in a village north of Cairo on Monday morning, killing about 58 Egyptian passengers and injuring 144 others.

According to Mansour, of the 1.48 billion dollars, some 871 million would come from revenues generated by the auction of Egypt 's third mobile phone license in July for about 2.9 billion dollars. And the remaining sum would be coming from loan.

Mansour, named as transport minister in December 2005, said that he warned that the rail sector was a waiting disaster when he assumed his post.

There was a dire need for an immediate financial assistance to the railway sector and money and timing were two main basic elements for such reform, said Mansour.

The priority was now given to refix the operating system and qualify human cadres, he said, adding that all sides should join efforts to continue development and reform plans for the railway system.

Mansour also said that his ministry was investigating Monday's accident and the result would be disclosed on Thursday.

The Egyptian Transport ministry signed an agreement ten days ago with a consortium of the United Arab Emirates and Bahraini companies to improve Egypt's infrastructure with a total capital of one billion dollars and a five-year investment plan worth of about 29.6 billion dollars.

Source: Xinhua