China Civil Engineering Construction Corporation, a subsidiary of the state-owned rail giant China Railway Construction Corporation (CRCC), has been chosen to upgrade Egypt’s rail network.
CRCC announced today that the initial agreement with Egyptian National Railways covers the rehabilitation and renewal of Egypt’s railway network and has an estimated value of $600m.
The company said the figure represents approximately 0.63% of its operating revenue for the year 2014 under the PRC accounting standards.
"Both parties will further negotiate in respect of relevant details based on this initial agreement and will enter into a specific implementation agreement," CRCC said in a statement.
Photograph: Narrow gauge railway at near Luxor, Egypt, used for transporting sugar cane, photographed in 1995 (Marc Ryckaert/Wikimedia Commons)