ArabFinance: Japanese automotive manufacturer Mitsubishi submitted a EUR 500 million (EGP 9.20 billion) offer to the Egyptian Ministry of Transport to modernize 58 cars of Cairo metro, Al Mal News reported.

The proposed deal covers the maintenance and development works of 23 cars on Line 1 Helwan-El Marg, in addition to another 35 on Line 2 Shobra el Kheima-El Monib.

The Japanese and Egyptian sides are currently in talks to reduce the offer value as well as its rate, sources told Al Mal.

Officials from Mitsubishi will reportedly hold several meetings in the coming days, in the presence of the Japanese Ambassador to Egypt Masaki Noke, to discuss the deal financially and technically.

Last year, the Egyptian National Authority for Tunnels awarded a Mitsubishi Corporation-Orascom consortium the implementation contract for the first phase of Cairo Metro Line 4.

 

*At press time, the conversion rate is EUR 1 = EGP 18.41

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.