Parliament committee rejects Cabinet’s proposal to hike Metro fees
Parliament’s transportation committee has rejected a Cabinet proposal to hike the underground metro fees. Cabinet has reportedly given preliminary approval to double the cost of the ticket to EGP2 and asked Minister of Transportation, Hisham Arafat, to pitch for the proposal to Parliament. The metro company is incurring huge losses (EGP163mn in FY15/16) and could be halted, the Minister said. The company is indebted to the Electricity and Water Holding Companies by EGP300mn, amongst other dues, according to the company’s latest statements. Arafat refused to disclose by how much the ticket would be raised when asked by MPs, according to one MP. Prime Minster, Sherif Ismael, said the hike aims to help increase metro revenues. Cabinet spokesperson, Ashraf Sultan, said the government is still weighing its options and has yet to make a decision.
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