Arab Finance: Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport witnessed the signing A joint financing contract for the Egyptian National Company For Railway Industries (NERC), between the Egyptian National Company for Railway Industries S.A.E. (NERC), the National Bank of Egypt, the Commercial International Bank of Egypt (CIB), and the Arab African International Bank.
Pointing out that the Nerk factory, once operational, and in partnership with the Korean Hyundai Rotem, is scheduled to manufacture 40 metro trains, with a total number of 320 new air-conditioned metro cars for the second and third lines of the Greater Cairo Metro, and a contract is underway to manufacture and supply 500 railway cars, which are planned to be manufactured locally with the Ministry. Transportation with the participation of one of the international foreign companies specialized in the transportation industry.
For his part, Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone and Chairman of the Board of Directors of NERK, indicated that the NERK project is a model of successful and effective partnership between government agencies and the private sector, and it also demonstrates the seriousness of the economic zone’s steps in the file of localization of industrial sectors. Targeted.
Yahya Aboul Fotouh, Executive Vice President of the National Bank of Egypt, expressed his pride in contributing to financing a strategic project of the size and importance of the Egyptian National Railway Industries Company (NERC) project, which represents a major turning point in the localization of the transportation industry in Egypt, stressing that this project reflects the vision of… The Egyptian state to enhance reliance on local resources and develop advanced industries that contribute to achieving sustainable development and creating new job opportunities for Egyptian youth, adding that the National Bank of Egypt, through its role as the financing agent and initial main payer, continues its commitment to supporting… Major national projects that aim to achieve a qualitative shift in sectors
Mr. Amr El-Ganaini, Executive Vice President and Member of the Executive Board of Directors of the Commercial International Bank Egypt (CIB), also expressed his pride in playing the role of the main arranger and account bank for this joint financing, which represents a milestone in the efforts of the Egyptian banking sector to support the industrial sector in order to localize the industry. He stressed that the Commercial International Bank is keen to continue its pioneering role in supporting the industrial sector to stimulate local production, in light of the state’s plan and vision to advance the industrial sector and give it a top priority while achieving sustainable development goals.
For his part, Tamer Khalifa, Deputy Managing Director of the Arab African International Bank, stated that the bank’s experience, which extends to more than 60 years in the field of investment banks and corporate financing, has played a role in accumulating experience that enables it to provide innovative financing frameworks in record times that are able to support our clients from Companies to continue their ability to grow. This is in addition to the bank’s keenness to support the industrial sector based on its belief in the importance of financing projects of a developmental nature, especially the localization of strategic industries, which would meet the needs of the local market and support the national economy by reducing the burden of providing foreign currency and creating new job opportunities.
Ahmed Al-Mufti, General Manager of the Project at NERK, also revealed that the company aspires to open its factory in the industrial zone in East Port Said in the middle of next year, 2025, as the investment cost of the first phase of the project is estimated at about 4.2 billion pounds.
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