Egypt to purchase 700 carriages
Hungarian Export-Import Bank has signed a letter of intent to extend a 900m ($1bn) loan to Egypt to finance the purchase of 700 train carriages.
The loan has a 12-year tenor plus five years grace at an annual interest rate of 1.26 per cent.
Egyptian National Railways will also receive a 100m grant covering 80 carriages.
Egypt is investing in modernising its 9,750-kilometre railway network.
Germanys Siemens will modernise 260km of track with advanced signalling and communications technology, while Frances Alstom is carrying out similar works on a 240km stretch.
China Railway Construction Corporation is rehabilitating tracks around Cairo.
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