Russian-Hungarian consortium offers to finance 1,300 railway car purchase

A Russian-Hungarian banking consortium has offered to provide the Egyptian National Railways (ENR) with a loan to finance the purchase of 1,300 railway cars from Russia’s Transmashholding, Al Masdar reports. The loan would carry an interest rate of 1.8%. ENR had announced last week that Transmashholding has been awarded the contract to supply the cars, for which Egypt will pay around EGP 17 bn.