EGYPT: The €1bn multilateral agreement to finance Egyptian National Railways’ purchase of 1 300 Transmashholding coaches over five years has come into force, the Russian supplier announced on April 21.
The chair of the ENR board has received the official loan authorisation notice from the Hungarian ambassador, marking the final approval of the financing which is being provided by the Hungarian Export-Import Bank and Russia’s Roseximbank with insurance provided by national export-import agencies MEHIB of Hungary and EXIAR of Russia.
The project to supply the coaches under an order placed in September 2018 ‘is among our top priorities’, said TMH CEO Kirill Lipa. ‘Not only does it complement our expertise and ambitions, it contributes to the bilateral relations of Russia with Egypt and Hungary, helps expand Russian businesses’ international presence, and it also contributes to the development of the Russian transport industry.’
Russian Export Centre CEO Veronika Nikishina said ‘despite the obstacles posed by the coronavirus pandemic, all involved did everything possible to bring the contract into effect. The contract is an illustration of the demand for Russian technology abroad. The unique financing solution, prepared by REC Group in partnership with our Hungarian colleagues, could not be matched by the competition from China, Italy, India, Spain and Romania.’