EBRD EUR 290 mn funding to Egypt not related to GE agreement

CLARIFICATION- The EBRD’s EUR 290 mn investment in Egypt to finance the Egyptian National Railway’s fleet upgrade announced on Monday is separate from the USD 575 mn supply-and-maintenance contract the Investment and International Cooperation signed with General Electric on Saturday for the supply of 100 locomotives. The EBRD has issued its own press release on its financing, which notes that “As part of ENR’s locomotive renewal programme, the EBRD will finance the acquisition of up to 100 new diesel locomotives under a supply-and-maintenance contract outsourced to the private sector in accordance with the EBRD’s procurement policy.”