NERIC, 3 banks pen joint financing agreement to develop new factory in East Port Said
Updated 12/12/2024 11:56:00 AM
Arab Finance: The National Egyptian Railway Industries Company (NERIC) has signed a joint financing contract with the National Bank of Egypt (NBE), Commercial International Bank of Egypt (CIB), and Arab African International Bank (AAIB) to back the development of a new factory in East Port Said, as per a statement.
Spanning 300,000 square meters at the East Port Said industrial zone, the NERC facility will be built over three phases.
The first phase, currently under construction with an estimated investment cost of around EGP 4.2 billion, focuses on manufacturing railway and metro cars.
NERIC's Project Manager Ahmed El-Mofty revealed that the factory is expected to open in mid-2025.
The second phase will produce moving units for the monorail, high-speed trains, and light electric trains.
The third phase will concentrate on rehabilitating old metro and railway cars.
In partnership with the South Korean Hyundai Rotem Co, NERC’s factory will also manufacture 40 metro trains with 320 air-conditioned metro cars for Cairo Metro’s second and third lines.
Furthermore, a contract is underway for the local production and supply of 500 railway cars in collaboration with the Ministry of Transport and an international partner.
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