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Wednesday, 4 August 2021

The little engine that could…

NERIC due to deliver its first locally-made locomotive in mid-2022: The recently set up National Egyptian Company for Railroad Industries (NERIC) will manufacture its first electric locomotive and hand it over to the Transport Ministry, by the middle of next year, Sameh Gabra, who heads East Port Said Development, a shareholder in the state-owned locomotive manufacturer, told Al Mal. East Port Said Development owns 16% of NERIC, which was set up late last year as a joint-stock company and also counts the Sovereign Fund of Egypt, the Suez Canal Economic Zone, and others as its shareholders.

Background: NERIC specializes in producing and refurbing locomotives. It was established as part of a state-led bid to localize the rail industry. The Planning Ministry previously said this bid could involve investments of up to USD 10 bn over the next few years.

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