Cairo – Mubasher: Egypt’s General Authority for Suez Canal Economic Zone (SCZone) has recently signed an agreement to establish the National Egyptian Railway Industries Co. (NERIC) in East Port Said with investments of $240 million.
The new company aims to increase the percentage of local components of locomotives to 45%, the President of SCZone, Yehia Zaki, said in a statement on Monday.
The metro car rehabilitation factory is expected to start operation in the fourth quarter (Q4) of 2021, while the monorail and train car assembly factory is projected to begin its operations by Q4-22.
