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The Financing Agreement for Passenger Coach Supply to ENR Entered into Force
20 April 2020 y.

The Financing Agreement for Passenger Coach Supply to ENR Entered into Force


The multilateral financing agreement of the largest project in the history of Egyptian National Railways (ENR) for the supply of 1300 passenger coaches manufactured by the Russian industrial group TMH worth over 1 billion Euro entered into force.

The official loan authorization notice, received by the Chair ofthe Board of ENR from the Ambassador of Hungary in Egypt, marked the final milestone of the approvalsof the financing solution. 

The financing is provided by the Hungarian EXIMBANK and the Russian ROSEXIMBANK with the insurance coverage provided by national export-import agencies of the two countries: MEHIB in Hungary and EXIAR in Russia.

The CEO of TMH, Kirill Lipa: “The Egyptian project is among our top priorities. Not only it complements our expertise andambitions,contributes to bilateral relations of Russia with Egypt and Hungary, helps expand Russian businesses’ international presence, but it also contributes to the development of the Russian transport industry”.

CEO of REC, Veronika Nikishina: “Despite the obstacles posed by the coronavirus pandemic, all involved parties did everything possible to bring the contract into effect. The contract is an illustrationof the demandthe Russian technology has abroad. The unique financing solution, prepared by the REC Group in partnership with our Hungarian colleagues, which could not be matched by the competition from China, Italy, India, Spain, and Romania, played an important role in it”.

Two 3-class prototypes were already produced. One prepares for a trial run on ENR’s trackin Egypt, the other expects the end of the certification procedures in Hungary. 

TMH will produce a total of 500 3-class coaches with forced ventilation, 500 3-class coaches with air conditioning, 180 2-class coaches with air conditioning, 90 1-class coaches with air conditioning, and 30 2-class diners with air conditioning. All vehicles will be prepared for continental and coastal climate of Egypt, with a projected lifecycle of 40 years. The contract’s execution period will take 5 years starting from its effect date.