The Transport Ministry on Sunday denied media reports on the privatization of the Egyptian National Railways (ERA).

Spokesman Ahmed Ibrahim asserted that the transport minister is not authorized to take such decision, adding the railways sector is vital for the people and is not for sale.

The minister has formed a committee to set requirements needed to make a contract with a foreign company to manage the authority.

The decision comes in line with the World Bank's loan prerequisites, the spokesman said.

The move is aimed to provide a better service and depend on the experience of renowned companies without extra charge on passengers, the spokesman said.

Source: MENA