GE Signs $575MM Agreement with Egyptian National Railways
JUN 26, 2017 - 7:08 am
GE signed a letter of intent with the Ministry of Transportation and Egyptian National Railways, worth $575 million, to supply 100 GE ES30ACi Light Evolution Series Locomotives that can be used for both passengers or freight rail, as well as a 15-year agreement for parts and technical support for GE locomotives in ENR’s new and current fleet.
“A common thread amongst national strategies across the globe is the provision of sustainable and advanced infrastructure, with transportation a particularly crucial component,” said John Rice, vice chairman and GE and president and CEO of GE’s Global Growth Organization Organization. “What is exciting about this partnership is its truly holistic nature. We are working with the MoT and ENR on the entire process – from ensuring a competitive financing solution with partners to the manufacture and technical support for the locomotives, and the training and development of engineers. This is what it takes to be a true partner, engaging at all levels to offer comprehensive end-to-end solutions.”
This strategic agreement reflects GE Transportation’s efforts to deepen and transform its global presence, meet international customers’ needs, and capitalize on the strong opportunity for international growth that’s critical to continued success.
“This marks a major milestone for Egypt and reflects a long-standing relationship with the Ministry of Transportation and ENR,” said Jamie Miller, GE Transportation CEO. “Today, ENR’s fleet includes roughly 80 GE Evolution Series locomotives to move people and goods critical to Egypt’s economy. With this agreement, we will help the region improve its rail infrastructure and bring products to market faster and more efficiently.”
Medhat Shousha, chairman of Egyptian National Railways, said, “We are looking forward to bringing the latest technologies to improve rail infrastructure in Egypt. Together with GE, we will work on enhancing the efficiency of rail transportation for both freight and passengers. Additionally, the parts and technical support agreement will ensure that the performance of our fleet is maintained over the years.”
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