The agreement was signed between NERIC, the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Arab African International Bank (AAIB).
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, witnessed the signing of a joint financing agreement for the Egyptian National Company for Railway Industries (NERIC).
The agreement was signed between NERIC, the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Arab African International Bank (AAIB).
Al-Wazir emphasized the importance of this project, which aligns with President Abdel Fattah El-Sisi's directives to localize various industries in Egypt, including railway manufacturing.
He highlighted that the NERIC factory in East Port Said spans 300,000 square meters, divided into three phases, each covering 100,000 square meters.
The first phase, currently under construction, includes a factory for manufacturing railway and metro cars.
The second phase will focus on producing monorail units, high-speed trains, and light electric trains, while the third phase will handle the refurbishment of old metro and railway cars.
Al-Wazir also revealed that, upon completion, NERIC, in partnership with Hyundai Rotem, will produce 40 metro trains, comprising 320 new air-conditioned cars, for the second and third lines of the Greater Cairo Metro.
Additionally, contracts are underway to manufacture and supply 500 railway cars locally in collaboration with an international transportation company.
Ahmed El-Mofty, NERIC’s Project Manager, announced that the company plans to open its factory in the East Port Said Industrial Zone by mid-2025. The total investment for the project’s first phase is estimated at EGP 4.2 billion.
