Meet the most influential figures in the Jewish world
Light rail project in Tel Aviv canceled
ByJPOST.COM STAFF
August 19, 2010 22:46

The light rail project in Tel Aviv has been canceled due to a dispute in the financing of the plan, Israel Radio reported Thursday.

The company which received the deal to build the railway, MTS, rejected a compromise proposal over the project's funding.



Treasury officials accused the company of foot-dragging, and managing negotiations in bad faith since it knew that it would be unable to meet its obligations.

Finance Minister Yuval Steinitz said that he is convinced that the state will be able to manage the project confidently, without the involvement of a franchise. 

According to Israel Radio, the project was set to be completed in five years at a cost of over NIS 10 billion.

Share this article via
from around the web
Related Content
Breaking news
February 21, 2017
Turkey sees new US admin. more understanding on Gulen, Turkish PM says

By REUTERS

Top Stories
Israel Weather
  • 4 - 16
    Beer Sheva
    7 - 17
    Tel Aviv - Yafo
  • 5 - 13
    Jerusalem
    7 - 15
    Haifa
  • 8 - 22
    Elat
    8 - 19
    Tiberias