China's CRR front runner to supply 1,300 railway cars

CRRC Corporation Limited (CRRC) is now the front runner in a tender to supply the Egyptian National Railways with 1,300 railway cars, offering EGP 19-20 bn for the project, sources close to the matter tell Al Mal. Under the 15-year supply and maintenance contract, Egypt will pay for the project through a loan with a four-year grace period for repayment. The government is trying to extend that period, sources added. Last week, the ministry was negotiating to lower the price offered by the Russian-Hungarian consortium from EUR 1 bn to EUR 950 mn.