Egypt signs $854mln deal with France for 55 metro carriages

Egypt signs $854mln deal with France for 55 metro carriages

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ArabFinance: The Egyptian government has signed an agreement with France for manufacturing and supply of 55 airconditioned rail carriages for the First Line of Cairo Metro for €776.9 million, according to an official statement posted on March 28th.

The agreement covers maintenance works for eight years, along with supply of equipment to maintenance workshops. The project will be executed by French manufacturer Alstom.

The loan financing the project has a term of 40 years, including 15-year grace period and 25-year payment plan with an interest of 0.0092%.

The Egyptian government will contribute EGP 1.183 billion to the deal, while the local components will account for 13.3% of manufactured carriages and will be contributed by Egypt’s Semaf For Trading & Engineering Services.