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Gov’t mandates HUF 45 bln capital raise at Eximbank for Egyptian railway order

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The Hungarian government mandated a HUF 44.8 bln capital raise at the Magyar Export-Import Bank "in relation to the delivery of carriages to the Egyptian State Railways", a resolution published in the latest issue of the official gazette Magyar Közlöny reveals.

The resolution states that the capital raise is to be made "after the signing of the commercial contract on the delivery of the railway vehicles."

A declaration of intent on railway cooperation, involving the delivery of 700 carriages to Egypt, was signed in Budapest last week, during a visit to the capital by Egyptian president Abdul Fattah al-Sisi, Hungarian news agency MTI noted.

Hungary’s Prime Minister Viktor Orbán met the Egyptian leader last week, and praised Egypt and al-Sisi, noting that a new chapter has opened in Hungarian-Egyptian relations.

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