Export Development Canada financing GE locomotive agreement, Ministry to get USD 45 mn from “sovereign security entity” to develop railways

Canadian export credit agency Export Development Canada is financing 85% of GE’s USD 575 mn sale of 100 locomotives to Egypt, sources tell Al Mal. GE is set to be paid in 24 installments over 12 years and the government will cover the remaining 15%, either from the state coffers or through a loan. Separately, a “sovereign security entity” will provide the National Railway Authority with USD 45 mn worth of equipment, an unnamed source tells Al Mal. The new equipment is expected to contribute to the development of 80.25 kilometers of railway lines per month.