Egypt inks metro trains deal with South Korea worth €243M

Egypt signed an agreement with South Korea to import and manufacture 32 air-conditioned metro trains worth €243 million, according to Minister of Investment and International Cooperation Sahar Nasr.

Nasr commented on the agreement saying that it comes to feed Cairo metro stations through its third and fourth phases.

The minister added that the ministry will focus on the transport sector during the upcoming period.

“Several transport agreements will be signed,” she added.

For his part, Minister of Transport Hesham Arafat said that the contract is for 76 months between the National Authority for Tunnels and the Korean company Hyundai Rotemm.

The interest rate of the credit line is 0.1 percent and will be re-paid in 33 years with a grace period of 20 years.

According to Arafat, it is the first time for the local component in the trains to reach about 30 percent.

He also noted that Egypt will get the first four trains when the fourth stage of the Metro Line 3 is inaugurated by the end of 2019, after that, it will get one train every month.

The third stage of the metro line spans over 17.7 kilometers and includes 15 stations, while the fourth stage spans over 11.5 kilometers and includes 10 stations.

Egypt Today Contribution Time: 26-Aug-2018 12:21 (GMT)
Egypt Today Last Update Time: 26-Aug-2018 12:21 (GMT)