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Egypt, Hungary Sign €900 Million Train Deal, Agree to Boost Anti-Terrorism Cooperation

Egypt, Hungary Sign €900 Million Train Deal, Agree to Boost Anti-Terrorism Cooperation

Photo: Daily News Egypt
Photo: Daily News Egypt

Egyptian President Abdel Fattah Al-Sisi met with Hungarian Prime Minister Viktor Orbán in Cairo on Wednesday to discuss boosting trade and cooperation between the two countries, as well as working together to fight terrorism.

The two countries signed five agreements, including a letter of intent that will see Hungary finance its EUR 900 million sale of 700 train carriages to Egypt. According to a statement from the Ministry of International Cooperation, Egypt is set to repay the financing over a period of 12 years, with a five-year grace period, at an annual interest rate of 1.26 percent.

The other agreements included memoranda of understanding in the fields of agriculture, water resources and military cooperation.

Sisi and Orbán also discussed several issues of mutual concern, such as “recent developments in the Middle East and Europe, as well as pressing issues affecting stability and security in the region,” according to state-owned Ahram Online.

The Hungarian Prime Minister arrived in Cairo on Tuesday for a three-day visit.

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