ROME, July 01, 2024 (GLOBE NEWSWIRE) -- During the EU-Egypt Investment Conference currently underway in Cairo and opened by Egyptian President Abdel Fattah El-Sisi, Italy announced significant initiatives in the fields of infrastructure and sustainable mobility, in line with the 'Mattei Plan for Africa'. The signing of the agreements was attended by the Egyptian Minister of Transport, Kamel Al-Wazir, and the Italian Ambassador to Cairo, Michele Quaroni.
Arsenale SpA and the Egyptian National Railways (ENR) have signed an agreement to create Egypt’s first Made-in-Italy luxury tourist train, the 'Guardian of the Nile'. MERMEC SpA and ENR signed a contract for the development of the ECTS Level 1 railway signalling system on the Al-Fardan - Bir al-Abd and Balouza - East Port Said lines. This project, worth 130 million euros, is essential for connecting the East Port Said station with the rest of the railway network, enhancing safety and reducing CO2 emissions, in line with the 'Egypt Vision 2030' plan and the European Green Deal. MERMEC, with the support of Italian institutions, plans to establish a centre of excellence for signalling and infrastructure design in Egypt, further consolidating its presence in the country. SACE, the Italian Export Credit Agency, has also finalised two important Memoranda of Understanding with the Egyptian Ministry of Transport and the Commercial International Bank (CIB). These agreements, totalling 920 million euros, aim to support low-impact transportation projects and facilitate Italian exports through export credit insurance and guarantee programmes. Additionally, the Italian company Movyon and the Egyptian company Elsewedy have signed a Memorandum of Understanding develop smart and sustainable mobility solutions. The collaboration involves the creation of a new company to manage the maintenance and operation of intelligent transport systems on Egyptian highways for a period of 10 years, with an investment of 200 million euros.
"These four projects confirm Italy's commitment to supporting the growth and modernisation of Egyptian infrastructure, while also promoting environmental sustainability and technological innovation. This is a concrete way to invest in Egypt responsibly and to the benefit of both markets, Italian and Egyptian, in line with the ‘Mattei Plan’ launched by Prime Minister Meloni," said the Italian Ambassador to Cairo, Michele Quaroni.
For more information:
Press Office LaPresse - ufficio.stampa@lapresse.it
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c910c288-3140-4100-91c9-ad66db14e4c8
source: MERMEC Group
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