Siemens Hungary, Austria sign contract to make electric locomotives for GYSEV

MNB

GYSEV, a regional railway company owned by the states of Hungary and Austria, signed an agreement on Tuesday with the Hungarian and Austrian units of Siemens, which will form a consortium to manufacture five Vectron locomotives by the end of October this year and another four later on.

GYSEV CEO Szilárd Kövesdi said the European Investment Bank (EIB) has provided a EUR 40 million loan to GYSEV, of which EUR 35 mln will be used for the purchase. 

Siemens division head László Ludvig said the locomotives will be maintained by Siemens for 30 years after delivery. 

László Mosoczi, state secretary of the National Development Ministry, said the government plans to spend HUF 1.5 trillion on railway developments in the coming years, upgrading 882 km of railway lines by 2020.

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