China Railway Construction Corporation (CRCC), the second largest state-owned construction enterprise in China, said one of its subsidiaries has been awarded $600-million contract to upgrade the Egyptian national railway.

The CRCC has been the builder of more than half of China's rail links since 1949.

The rehabilitation and renewal project contract awarded to CRCC unit China Civil Engineering Construction Corporation by Egyptian National Railways is a major boost to the Chinese firm's regional portfolio.

The deal value represents approximately 0.63 per cent of the company’s operating revenue for 2014 under the PRC (People's Republic of China) accounting standards.-Reuters