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FINANCIAL NEWS
Egypt signs deal with GE for USD575m
18 Jun 2017
(MENAFN) The Egyptian government said that it signed a deal with General Electric Co. for USD575m, as GE will provide 100 new locomotives and maintenance for 81 trains.
The Transportation Minister Hisham Arafata stated that the first shipment of 25 locomotives expected to arrive in 2018 as part of a plan to have 25 million tones of goods transported by railways by 2022.
GE’s vice chairman John Rice also said: “We see tremendous opportunities for growth” in the Middle East, and that GE also interested in many opportunities in Turkey and Algeria.
However, the joint agreement included maintenance and upgrades on 81 trains the Egyptian National Railways bought in 2008, and training Egyptian engineers.
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MENAFN1806201700450000ID1095563528
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