Back to the complete issue
Sunday, 18 June 2017

GE lands USD 575 mn contract to supply Egypt with 100 locomotives

GE lands USD 575 mn contract to supply Egypt with 100 locomotives: General Electric signed a USD 575 mn agreement with the Egyptian Railway Authority on Saturday that will see it deliver 100 locomotives to the country, according to a cabinet statement. The locomotives are part of a plan to have “25 mn tonnes of goods transported via railway by 2022,” Reuters reports, citing remarks by Transport Minister Hisham Arafat. The first batch of 25 locomotives will arrive in 2018, Arafat said.

The agreement will be financed with the help of Canadian export-credit agency Export Development Canada, according to Bloomberg and also covers upgrades to 81 old GE locomotives and 15 years of maintenance services for both new and old fleets, providing everything from tech support to spare parts.

The agreement is “evidence that Egypt is open for business,” GE Vice-Chairman John Rice told Bloomberg in a phone interview from Cairo. GE is looking to invest further in Egypt, especially as reforms improve the country’s business climate, Rice told Prime Minister Sherif Ismail during a Saturday meeting.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.