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Tuesday, 14 March 2017

Cairo Metro runs into problems with suppliers

Cairo Metro under pressure to pay suppliers: Get beyond the alarmist (and wholly unrealistic) suggestion that the Metro could be closed down for any period of time and there’s clearly an issue at the Egyptian Company for Metro Management and Operations. Al Mal suggests that at least 11 companies are refusing to supply spare parts and maintenance services until the company makes good on its debts. An unnamed government official cited in the piece blames the impasse on both Cabinet’s refusal to raise ticket prices and at the feet of the Finance Ministry, which he alleges has yet to cough up EGP 150 mn owed to contractors. The newspaper says that Cairo Metro Ahmed Abdel Hady announced yesterday that Germany’s ThyssenKrupp is refusing to sign a new contract to maintain escalators and elevators in the system until it receives overdue payments for its previous maintenance work.

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