Transport Ministry to sign contracts with Russia’s Transmashholding for 1,300 railway cars “within days”

The Transport Ministry is reportedly days away from signing an agreement with Russia’s Transmashholding to purchase 1,300 new railway cars, Al Mal reports, citing a cabinet statement. A Russian-Hungarian banking consortium had offered to provide the Egyptian National Railways (ENR) with a loan to finance the purchase of the railway cars from Transmashholding, which would carry an interest rate of 1.8%. Egypt will pay around EGP 17 bn to buy the cars, with delivery expected to take place within six months to a year.