Egypt Advances Railway Localization with NERIC Joint Financing Agreement

CAIRO – 12 December 2024: Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, presided over the signing of a joint financing agreement for the Egyptian National Company for Railway Industries (NERIC).

The agreement, involving NERIC, the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Arab African International Bank (AAIB), marks a significant step toward localizing railway manufacturing in Egypt.

Al-Wazir emphasized that the project aligns with President Abdel Fattah El-Sisi’s vision to establish Egypt as a hub for industrial localization.

 The NERIC facility, situated in East Port Said, spans 300,000 square meters and is being developed in three phases.

The first phase, currently under construction, will produce railway and metro cars.

 The second phase is set to manufacture monorail units, high-speed trains, and light electric trains, while the third phase will focus on refurbishing old metro and railway cars.

Once operational, NERIC, in collaboration with Hyundai Rotem, will produce 40 metro trains, consisting of 320 air-conditioned cars, for the Greater Cairo Metro’s second and third lines.

Additionally, contracts are being finalized to locally manufacture and supply 500 railway cars with the participation of an international transportation company.

Ahmed El-Mofty, Project Manager at NERIC, announced that the factory is slated to open in the East Port Said Industrial Zone by mid-2025.

 The first phase of the project represents an investment of EGP 4.2 billion, positioning NERIC as a cornerstone of Egypt’s efforts to localize advanced transportation industries and boost economic growth.