NERIC to open factory in East Port Said Industrial Zone by 2025 with EGP 4.2 bln initial investment

El-Mofty made this announcement while signing a syndicated loan agreement between NERIC and the National Bank of Egypt (NBE), Commercial International Bank (CIB), and Arab African International Bank (AAIB).

Minister of Industry and Transport Kamel El-Wazir highlighted that the project spans 300,000 square metres and is divided into three phases, each covering 100,000 square metres.

He noted that the project aligns with President Abdel-Fattah El-Sisi's directives to localize various industries in Egypt.

Moreover, El-Wazir indicated that the first phase, currently under construction, will focus on producing railway and metro vehicles.

The second phase will manufacture rolling stock for monorails, high-speed trains, and light electric trains, while the third phase will focus on rehabilitating old metro and railway vehicles.

He clarified that once the NERIC factory is operational, it will manufacture 40 new metro trains in partnership with South Korea's Hyundai Rotem.

These trains will have 320 air-conditioned metro vehicles for the Greater Cairo Metro second and third lines. 

Furthermore, he added that contracts are underway for manufacturing and supplying 500 railway vehicles, which will be produced locally in cooperation with the Ministry of Industry and Transport and a global transport company.

NERIC is a private joint venture formed by Egyptian companies in partnership with governmental entities to establish a rolling stock plant in the East Port Said Industrial Zone.

The plant will play a key role in Egypt’s industrialization strategy, contributing to the growth of the rolling stock sector and aligning with the goals of Egypt’s Vision 2030.