One of the Latvian banks is bidding to finance a project to supply and manufacture 700 railway carriages in favour of the Egyptian National Railways (ENR).
The announcement was made during a meeting in Cairo on Wednesday between Egyptian Minister of International Cooperation Sahar Nasr, Latvian Minister of Transport Uldis Augulis, and Iveta Šulca, Latvian Ambassador in Cairo, in the presence of representatives of Latvian railway and transport firms, notably RVR.
Latvia will supply and manufacture 700 railway carriages in cooperation with the Egyptian Ministry of Military Production, as well as will train a group of Egyptian engineers and technicians on the latest technology used in making the carriages, said Minister Augulis.
Augulis further said his ministry is in charge of studying all the financing offers for the Egyptian project, seeking to select the best offer that would meet with the Egyptian government’s programme approved by the parliament.
The Egyptian government adopts a programme to upgrade railways system during the upcoming two years with total cost of 2.5 billion Egyptian pounds.