Egypt enters $1.2b rail deal with Hungary

Egypt has signed a $1.2 billion deal with Hungarian for the development of rail infrastructure.

 

Egyptian Ministry of Transport signed the
agreement with a Hungarian joint venture group being led by Russia’s
TransMach Holding.

 

According to the deal, the
Russian-Hungarian JV will be manufacturing and supplying 1,300 new
railway passenger vehicles, in what might be considered the biggest deal
in country railway history, reported Daily News Egypt.

 

The agreement is aimed at improving the
level of service and is in line with its plan to improve Egypt’s railway
infrastructure by 2020, said Transport Minister Hisham Arafat.

 

The signing ceremony held in the presence
of Prime Minister Mostafa Madbouly, Transport Minister Hisham Arafat,
Minister of Military Production Mohamed El Assar and representatives of
the Russian company and the head of the Egyptian
National Railways.

 

The 1,300 new railway cars equal 34 per cent of all Egyptian railway vehicles, he added.