Hungary to finance Egypt's EUR900mn purchase of 700 train carriages
Egypt and Hungary have signed a letter of intent, where Hungary would finance its sale of 700 train carriages to Egypt in a deal worth EUR900mn (cUSD1bn), according to the Ministry of International Cooperation. Egypt will repay the financing over 12 years, with a five-year grace period at an annual interest rate of 1.26%. The deal also includes 80 train carriages to be given to the Egyptian National Railways as a grant worth EUR100mn. (Ahram Online)
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