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Talks on financing for EUR 1 bln rail carriage order wind up

Talks on Hungarian credit for an EUR 1 billion order from Egypt for 1,300 railway carriages have wound up, and the contract on the delivery could be signed soon, Ministry of Foreign Affairs and Trade state secretary Levente Magyar told state news wire MTI on Thursday in Cairo.

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Speaking by telephone, Magyar said he had discussed the matter with Egyptian Minister of Transport Kamel El-Wazir and Hisham Tawfik, who is in charge of the privatization of state-owned companies.

Magyar said he had also discussed a planned investment in Egypt by Tungsram. Tungsram wants to partner with Egyptʼs HOI group to produce several million streetlights in a deal that could also be financed with credit from the state of Hungary, he added.

Tungsram and HOI group have signed a memorandum of understanding on the cooperation, he said.

Magyar said he had participated at a business forum in Cairo with representatives from 22 Hungarian and 70 Egyptian companies. The Hungarian businesses represented at the forum included specialists in defense, IT, agriculture and business consulting, he added.