Egyptian President Mohamed Morsi paid his deep consolations Saturday for the victims' families of the train-school bus crash, which resulted in more than 50 people killed and 17 injured, promising to punish those responsible for the accident.

"We are taking all necessary measures to compensate the victims ' families and to contact with them," Morsi said.

"I accepted the resignations of the transportation minister and the head of the Railway Authority," he added, noting that all the responsible people involved in the accident will be referred to the General Prosecution for further investigations.

Egyptian Prime Minister Hesham Qandil went to the scene, and immediately distributed cash compensation to the victims' families. Every family of the killed got 5,000 Egyptian pounds (821 U.S. dollar) while each family of the injured got 1,000 Egyptian pounds (164 U.S. dollar).

The crash took place in Asyut governorate around 8:00 a.m. local time (0600 GMT). Yahya Kishk, Governor of Asyut, and several senior officials arrived at the scene immediately afterwards and called to form an investigation committee.

Earlier this month, two trains collided with each other in Faiyum governorate, 85 km south of the capital Cairo, leaving at least four Egyptians dead and 30 others injured.

The worst accident in Egypt's 150-year history of railway was caused by a fire in February 2002, leaving more than 300 people killed.