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Egypt signs MOU with Siemens for $23 billion high-speed train line -cabinet

A logo of Siemens is pictured on a building in Mexico City, Mexico, May 16, 2017. REUTERS/Edgard Garrido

CAIRO (Reuters) - Egypt signed a memorandum of understanding with Germany’s Siemens on Thursday for construction of a $23 billion high-speed train line linking Egypt’s eastern and northern coasts, the cabinet said in a statement.

The electric rail line would run from Ain Sokhna on the Red Sea to New Alamein on the Mediterranean coast, passing through a new capital under construction in the desert east of Cairo.

Reporting by Moamen Saeed Atallah; Writing by Aidan Lewis; Editing by David Goodman

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