Egypt and Austria, today, inked an €8.5 million development financing agreement for the Egyptian National Railways (ENR) to acquire equipment, including four maintenance machines, Minister of International Cooperation Rania Al-Mashat said on Monday. The Austrian Ambassador to Egypt Georg Stillfried witnessed the signing.

The agreement is meant to improve railways safety, reduce the number of accidents and maintenance cost, and increase operation efficiency and the number of operational trains.

The Ministry of International Cooperation is seeking deals with partners to provide the needed finance and technical support for all sector for development, The ministry wants to support the development agenda of each sector, which aligns with Egypt’s Vision 2030 and the United Nations Sustainable Development Goals Mashat said.

“Over the years, Austria took part in several joint committees, signing agreements that aim to strengthen economic relations between the two countries,” Al-Mashat said, pointing to Egypt’s distinguished joint relations with Austria that go back to the 1970s.

“The latest agreement is an interest-free accord that reflects the national efforts to support the revival of the transportation sector and enhance its sustainability,” she explained.

The transportation sector accounts for over 20 % of the Ministry of International Cooperation ongoing development cooperation portfolio at a value of $5.13 billion.

“These funds are used for the implementation of many projects, including the development of metro lines, the construction of national road projects, and the modernization of the railway network. In 2020, the ministry secured development financing for the transportation sector that amounted to $1.7 billion,” Al-Mashat illustrated.
“We are pleased to enhance cooperation with the government of Egypt by signing a development financing agreement that will develop and modernize the country’s railway infrastructure via the exchange of expertise, technology, and knowledge,” said Ambassador Stillfried.
In 1975, Egypt and Austria signed an economic and technical cooperation agreement leading to seven joint committee sessions that were held to encourage and stimulate cooperation across various development fields such as electricity, agriculture, housing, and transportation.
In 1996, a new agreement was also signed after Austria’s entry to the European Union (EU), and in that framework, two sessions of the Egyptian-Austrian joint committee were held.