Cairo – Mubasher: Egyptian National Railways has signed a deal with a Russian-Hungarian consortium led by Transmashholding to supply and manufacture 1,300 rails for passengers.
Upon the deal, Transmashholding will build a new workshop in Egypt to manufacture locomotives and rails, the Egyptian Cabinet said in a statement.
Both parties are in talks to sign a 15-year deal for the maintenance of the rails under the supervision of Transmashholding, Russia's largest manufacturer of locomotives and rail equipment.
The transaction will be financed through an EGP 22 billion loan offered by a Russian-Hungarian banking consortium.
In April, the Cabinet announced that Egypt would receive 100 locomotives from the US General Electric in the second half of 2019, in addition to 81 rails, at a value of $575 million.
