NAT, NERIC, Hyundai Rotem sign $656 million contract to localise 320 railway cars in Egypt
Egypt’s National Authority for Tunnels (NAT), South Korea’s Hyundai Rotem Alliance, and National Egyptian Railway Industries Company (NERIC) have signed a contract to localise 320 railway cars with 40 trains for 12 billion Egyptian pounds ($656 million).
Minister of Transportation Kamel El-Wazir said the contract includes an 8-year guarantee period which covers periodic maintenance for metro trains, according to Egypt’s Cabinet statement on Wednesday.
El-Wazir reviled that the localisation rate will not be less than 30 percent, indicating that the contract comes within the framework of expanding the trains which operates on the second and third metro.
This is to meet the expected increase in the number of passengers in the upcoming years.
Egypt has adopted a global plan for the development and modernisation of subway trains and electric trains, El-Wazir stressed.
The agreement shows the strengthen cooperation between NAT, the Sovereign Fund of Egypt, and the General Authority for Suez Canal Economic Zone (SCZone), mentioned in the statement.