Transport Minister Saad al-Geioushy said that Egypt will not take a loan of one billion euros from Hungary to buy trains, adding that the Arab Organization for Industrialization will be assigned to manufacture them locally.
“We will not borrow from banks anymore,” he said. “We welcome investors. They want to invest in Egypt because it is a big market.”
The loan was meant to be for purchasing 700 wagons and 16 trains.
He also stopped the import of equipment for crossings. “It is a shame that we import such simple equipment,” he said. “They should be produced locally.”
The Arab Organization for Industrialization is manufacturing and renewing more than 700 air conditioned wagons and 300 crossings.
“Egypt’s future is in joint and local manufacturing,” the minister said.
Edited translation from Al-Masry Al-Youm
