(ANSAmed) - NAPLES, AUGUST 29 - Cairo will renew its metro system thanks to the agreement signed with Hyundai Rotem. The deal is worth 656 million USD, as communicated by the Egyptian Ministry of Transport, reports 'The National' newspaper. The South Korean firm will develop and deliver 320 vehicles and 40 new trains for the second and third metro line, within the framework of the agreement with the Egyptian National Authority for Tunnels.
    The agreement includes the launch of a plant in Egypt to build the necessary equipment for the metro, thanks to a public-private partnership at least 30% of the needed materials will be built in Egypt: "The contract- explained El Wazir, Transport Minister, at the time of signing- represents the first step of the realization of the Egyptian dream of becoming one the world's leading and largest producers for this sector. Our objective is to transfer advanced technology to this sector and unlock new horizons to increase the nation's revenues by building and exporting this material to foreign countries". The agreement, according to Egyptian Prime Minister Mostafa Madbouly, was described as "an important step in the implementation of government directives opening up significant industries, aligned with international standards".
    The deal foresees the opening of the plant and the transfer of the South Korean technology. The executive director of Hyundai Rotem, Yong-Bae Lee, had already explained that the firm was going to open plants in Egypt to build the train wagon carts, signaling systems and monitoring equipment guiding the metro system. Hyundai had already built 20 trains for the first metro line of the Cairo subway system. The new contract includes maintenance services for the new trains for a period of eight years. Once the metro lines will be in place and working, the two new ones will provide transportation for approximately 3 million passengers in Cairo per day. (ANSAmed).