Egypt agrees $575m Rail Infrastructure Deal with General Electric

Google+ Pinterest LinkedIn Tumblr +

Egypt, Africa’s most populated North African country and one of the continent’s most developed economies, is keen on upgrading its railway infrastructure by installing the most technologically advanced models available. This was revealed when the country’s Ministry of Transport (MoT) and Egyptian National Railways (ENR) signed a $575 million-worth Letter of Intent with American multinational General Electric (GE Transportation) to supply 100 GE ES30ACi Light Evolution Series Locomotives for both passenger and freight services to Egypt.

“We are looking forward to bringing the latest technologies to improve rail infrastructure in Egypt,” Medhat Shousha, Chairman of Egyptian National Railways noted.

The deal also encompasses a 15-year agreement for parts and technical support for locomotives in ENR’s new and current fleet of around 80 GE Evolution Series locomotives. It also includes technical training to improve the local capabilities and technical skills for over 275 ENR engineers and employees in the region.

“What is exciting about this partnership is its truly holistic nature. We are working with the MoT and ENR on the entire process- from ensuring a competitive financing solution with partners to the manufacture and technical support for the locomotives and the training and development of engineers,” said John Rice, Vice Chairman of GE and President and CEO of GE’s Global Growth Organization.

GE Transportation is the global technology leader and supplier of equipment, services and solutions to rail, mining, marine, stationary power and drilling industries.

The American conglomerate has maintained a synergetic longstanding relationship with the North African country, with over four decades of partnership between both parties. Within this period, GE and Egypt have collaborated on several public and private sector driven projects in areas such as healthcare, transportation, aviation and oil and gas. In turn, GE has over 700 people under its employ within the country.

The signing of the agreement, the largest ever between the parties, was witnessed by Egypt’s Prime Minister Sherif Ismail; Minister of Investment & International Cooperation Dr. Sahar Nasr; Dr. Hesham Arafat, Minister of Transportation; Robert Beecroft, U.S. Ambassador to Egypt; Medhat Shousha, Chairman of ENR; and John Rice, Vice Chairman of GE and President and CEO of GE’s Global Growth Organization.

Share.

About Author

Leave A Reply