National Egyptian Railway Industries Company (NERIC) aims to increase the localized share of the country’s railway industry to 45 percent, according to Yehia Zaki, head of the Suez Canal Economic Zone (SCZone).
On Wednesday, Minister of Planning and Economic Development Hala Al-Saeed and Minister of Transport Kamel Al-Wazir witnessed the signing of a contract establishing NERIC in East Port Said.
The new company aims to localize the railway industry in Egypt and increase its regional and international exports.
It will run two plants in East Port Said, northeast of Cairo: the first with annual capacity to build 425 railway and metro carriages, and the second set to make parts, director Ahmed Fikry Abdel Wahab said previously.
The parts factory is expected to start operation in the fourth quarter of 2021, while the metro cars factory is expected to be operational by the fourth quarter of 2022.