Monday May 20th, 2024
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Hyundai to Finance the Cairo Metro Network

An agreement reached with the Egyptian Ministry of Transportation, will see Hyundai Rotem soft finance the purchase of 64 new trains for the third Cairo Metro line.

Staff Writer

Hyundai to Finance the Cairo Metro Network

According to Trade Arabia, Hyundai Rotem has entered into a soft-financing agreement with the Egyptian Ministry of Transportation for the development of the Cairo Metro network. The announcement was made during a meeting between Egyptian Minister of Transport Galal Al-Saeed and South Korea's ambassador to Egypt Yoon Soon-Gu, where bilateral cooperation between the two countries in the transport sector was being discussed.

Hyundai Rotem is a subsidiary of the Hyundai Motor Group that operates as a manufacturer of rolling stock, defence products, and plant equipment. As per the deal, Hyundai Rotem will offer soft financing to the Egyptian government for the purchase of 64 new trains for the third line of the Cairo Metro network upon its completion. The entire line is expected to be fully operational by October 2019.

 

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