https://arab.news/2ktpb
- El-Wazir said that the agreement will include the manufacturing of more than 800 metro cars and the supply of new lines
- The minister said that the increased use of local materials will help to make Egypt more self-sufficient
CAIRO: Egypt’s National Railways Industry Company has signed an agreement with South Korea’s Hyundai Rotem to modernize Cairo’s metro system.
The signing ceremony was attended by Egyptian Minister of Transport Kamel El-Wazir, Minister of Planning and Economic Development Hala El-Saeed, South Korean Ambassador to Egypt Hong Jin-Wook and chairman of the National Authority for Tunnels Essam Wali.
El-Wazir said that the agreement will include the manufacturing of more than 800 metro cars and the supply of new lines, which comes as part of the modernization of the first and second Cairo metro lines.
He added that under the first phase of the agreement, local components will make up 29.9 percent of metro cars in the first two years, rising to 50 percent in the following couple of years, and then jumping to 75 percent after six years.
The minister said that the increased use of local materials will help to make Egypt more self-sufficient and reduce its dependence on imported goods, adding that any surplus products will be exported to other African countries.
El-Wazir said that Hyundai Rotem is now developing signal systems in the area between Nagei Hamadi and Luxor.
Meanwhile, Minister of Planning Hala El-Saeed praised that the metro industry as “labor intensive,” adding that it offers high economic returns. An alliance that includes the Sovereign Fund of Egypt, the Suez Canal Authority and four national companies will work together as part of the agreement, she said.