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Egyptian Railways to sign loan agreement with Eximbank of Russia — top brass

© Alexei Filippov/TASS

MOSCOW, October 17. /TASS/. The Egyptian National Railways and the Eximbank of Russia will sign a loan agreement on the sidelines of the Russia-Africa Economic Forum, Russian Minister of Industry and Trade Denis Manturov said on Thursday.

"This document will also be initialed by the Eximbank of Russia and the Egyptian National Railways shortly, within the framework of the Russia-Africa Economic Forum," Manturov said.

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Russia-Africa Forum will upgrade cooperation between states — Putin

Supply of railcars produced by the Russian-Hungarian joint venture is the largest project of the two countries, the Minister said. A loan agreement between the Eximbank of Hungary and the Egyptian National Railways has already been signed within the project framework.

Supplies of railcars manufactured by the Russian-Hungarian subsidiary of Russia’s Transmashholding (TMH) to Egypt will start in March 2020, co-chairperson of the Russian-Hungarian Intergovernmental Commission on Economic Cooperation and Russian Minister of Healthcare Veronika Skvortsova said earlier.

In September 2018, Transmashholding Hungary inked a contract for the supply of 1,300 passenger railcars to the Egyptian National Railways to the total amount of over 1 bln euro. The term of contract performance is five years from its signing.

The Russia-Africa Economic Forum will be held in Sochi on October 23-24. Over 30 business events involving international speakers will be staged on the sidelines of the Forum, according to the Roscongress Foundation.

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