German company pips Chinese firm to win high-speed rail project in Egypt
In what would raise hopes of avoiding Chinese debt trap in the developing world, a consortium led by the German engineering multinational Siemens NSE -1.31 % pipped the Chinese and has been awarded a 4.5-billion-euro contract to build a high-speed rail line in Egypt, a key state in the Arab world.
The railway line will be built from Ain Sukhna at the southern end of the Suez Canal, to Alexandria and the port city of Marsa Matruh – from the Red Sea to the Mediterranean Sea in Egypt, according to a special report in the leading German magazine Der Spiegel.
