BREAKING NEWS

GE signed $575Mn LOI with Ministry of Transportation and Egyptian National Railways to Develop Rail Infrastructure

June 17: GE, announced today that it signed a Letter of Intent with the Ministry of Transportation (MoT) and Egyptian National Railways (ENR), 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. The agreement, which is the largest ever between the parties, also includes technical training aimed at improving local capabilities and technical skills for more than 275 ENR engineers and employees in Egypt.

To highlight the importance of this agreement to Egypt, the signing was attended today by including Egypt’s Prime Minister Sherif Ismail; H.E. Dr. Sahar Nasr, Minister of Investment & International Cooperation in Egypt; H.E. Dr. Hesham Arafat, Minister of Transportation in Egypt; H.E. US Ambassador Robert Beecroft, US Ambassador in Egypt, Engineer Medhat Shousha, Chairman of ENR; and John Rice, Vice Chairman of GE and President and CEO of GE’s Global Growth Organization.

 “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. “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."

Dr. Sahar Nasr, Minister of Investment and International Cooperation, Egypt, said: “It is through agreements such as these that Egypt’s real potential as an investment market is made visible. Our goal is to work as closely as possible with international corporations to create investment opportunities that meet the country’s needs and are reciprocal in nature.  The partnership between the Ministry of Transportation, Egyptian National Railways and GE is testament to the remarkable potential evident in the transportation sector and the unwavering commitment of the public and private sectors to realize it, and we are certain it will help drive future investments across multiple sectors.”

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.

Dr. Hesham Arafat, Minister of Transportation said: “This agreement will leverage the role of ENR in transporting goods using rail which is aligned to the Ministry’s vision to improve rail infrastructure, decrease loads on the road, and help achieve our target to transport 25 million tons of goods annually using rail by 2022. The agreement also includes servicing and improving the efficiency of GE locomotives that were supplied in 2008, in addition to providing parts needed for the maintenance of GE fleet and providing training to Egyptian skilled labor.”

Engineer 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.”

GE ES30ACi Light Passenger Evolution Series Locomotives are equipped with a 12-cylinder, 3,200 horsepower GE Evolution Series engine. The locomotive delivers high power output to enable enhanced productivity and flexibility in heavy haul operations, as well as enhanced reliability. The locomotives can be used to transport passengers or freight.

GE has been a committed partner to Egypt for over 40 years. With more than 700 employees in country, GE works with its partners in the public and private sector to bring its latest technologies and solutions to serve the transportation, aviation, oil & gas, power and healthcare sectors. This agreement builds on our longstanding partnership with the Ministry of Transportation and ENR.

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