Egypt has signed a US$4.45 billion agreement that will finance the first line of its high-speed electric train, which will connect the country’s Mediterranean and Red Sea coasts. The deal was signed by the Transport Ministry’s National Authority for Tunnels (NAT) and a German/Egyptian consortium including Siemens, Orascom Construction, and the Arab Contractors. Egyptian Prime Minister Mostafa Madbouly, Minister of Transport Kamel al-Wazir, and German Ambassador to Cairo Frank Hartmann all witnessed the signing. The contract will also cover design, supply, and 15 years of maintenance for the line. The train will reduce traffic congestion, contribute to increased safety, and serve the new urban and industrial communities around Egypt.
