The chief executive officer of Siemens Mobility in the Middle East and Africa said that the company expects to complete the financial transaction by the end of this year, and Egypt will spend US$4.45 billion to build the second and third line agreement projects for high-speed electric railways.

High-speed electric railway system

The project has aroused "high interest" from other countries in the region. The German contractor is discussing two routes with the Egyptian National Tunnel Authority and the Ministry of Transport. Leon Solier, CEO of Siemens Mobility, Middle East and Africa , Said at the Dubai Middle East Railway Show that Siemens is waiting for the approval of the Egyptian cabinet. He said: "We will still complete the two contracts within this calendar year, but it depends on the financial situation, because we are not only building, supplying and maintaining, but also providing financing." "What we need is the Egyptian cabinet to approve transportation. The Ministry is authorized to sign further lines and is raising funds, but eventually the funds must be repaid, depending on the approval of the Cabinet."

Last month, a consortium of Orascom Construction, Siemens Transportation and Arab contractors won a multi-billion-dollar contract for Egypt’s first high-speed rail line connecting the country’s Red Sea and the Mediterranean coast. The transaction covers the first 660 kilometers of the planned 1,800 kilometers of the total railway network. Siemens refers to the project as the "Suez Canal on Rails" and will receive 3 billion U.S. dollars from the 4.45 billion U.S. dollar contract. Mr. Soulier said that the company plans to deliver the first high-speed train within two years, which is adapted to the climate of Egypt. This 660-kilometer route is designed to transport 30 million passengers per year, which can save up to 50% of travel time and reduce carbon emissions by 70% compared with currently used cars and buses. The most populous country in the Arab world is implementing the project as a plan for its overcrowded transportation network, environmental protection, job creation and economic development. Project financing will be based on engineering, procurement and construction (EPC), plus a financing basis. The consortium will help structure and arrange financing on behalf of the client. Keywords: engineering construction, new energy information news

Mr. Soulier said that Siemens "has been in contact with banks and financial institutions to see if they can provide loans for this project, but this is a loan directly provided by the bank to the Egyptian government, the Ministry of Finance and the Central Bank." "We have facilitated these discussions. This is still in progress, and the financial settlement is still in progress." "As a company, we have not waited. We have already begun to prepare production lines for trains. During the negotiations, we have made a lot of talks with customers. Resonant design decisions," he said. "We started it in advance because the Egyptian government required us to do this on the fast track, so we take this very seriously." interest. As countries seek more sustainable modes of transportation, the demand for green technologies is expected to drive new developments in the industry.