A train crashed with a school bus in southern Egypt, leaving 40 children killed, official Ahram-online reported on Saturday.

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

The governor offered condolences to the families of victims, pledging to provide compensation to the injured and the killed.

Meanwhile, President Mohamed Morsi asked Prime Minister Hesham Gandil to provide all necessary aid and treatment for those injured.

Paying his deep condolences to the victims' families, Morsi vowed to punish those responsible for the accident and wished the quick recovery of those injured.

Mohamed Rashad el-Matini, Minister of Transportation, has submitted resignation to President Morsi, official news agency MENA reported.

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.