A Russia-led joint venture (JV) is set to work on a railway project with Egypt’s Ministry of Transport under an agreement valued at $1.2bn. Moscow-headquartered Transmashholding is expected to lead the Russian-Hungarian JV that will work on the project.
The deal is said to be among Egypt’s largest in the rail sector.
Under the agreement, the JV will provide 1,300 railway passenger vehicles to the Middle Eastern country. Egypt’s Transport Minister, Hisham Arafat, and representatives of Transmashholding, attended the agreement’s signing ceremony, alongside the head of Egyptian National Railways.
Arafat reportedly said that the agreement would help to raise the level of service in Egypt’s rail sector, adding that the 1,300 new vehicles account for 34% of the country’s total units.
According to Egypt Daily News, Arafat said that the ministry aims to improve Egypt’s railway infrastructure by 2020.