Hungarian companies may join development projects in Egypt, agreed Minister of National Economy Mihaly Varga and Egypt's Finance Minister Amr El-Garhy Thursday in Cairo. On Wednesday, Hungary signed a €900 million train deal.
Mr Varga and Mr El-Garhy discussed cooperation options between the two countries. The rapid and balanced development of Hungarian-Egyptian relations is in the best interest of both countries. By the end of 2014, Egypt became Hungary’s largest export market in the Arab world, Mr Varga said at a business forum organized for Hungarian and Egyptian enterprises in Cairo. Egypt and Hungary have already nurtured various beneficial relations in various industrial fields, including innovative projects of high-quality technologies, he added.
On Wednesday, the two countries signed a letter of intent (LoI) where Hungary will finance its sale of 700 train carriages to the Arab nation in a deal worth a €900 million train deal. Egypt will repay the financing over 12 years in addition to a five-year grace period at an annual interest rate of 1.26 percent.
