Wed, 06 Oct 2021 - 12:17 GMT
Wed, 06 Oct 2021 - 12:17 GMT
Mwasalat Misr S.A.E announced the operating the electric bus, X-Bus, in Abdel Moneim Riad and New Cairo lines - Press photo
CAIRO – 6 October 2021: The National Bank of Egypt (NBE) has signed a shareholders agreement with the aim of contributing to Mwasalat Misr, which is running an advanced project for smart mass transportation for passengers, by injecting new capital into the company, enabling it to own 20 percent of the company's shares.
The NBE aims to invest in “Mwasalat Misr” to diversify the sources of financing its long-term projects by financing infrastructure projects, according to a statement issued by the bank, Wednesday.
The agreement comes within the framework of the bank’s leading development role in serving the sustainable development goals and Egypt’s Vision 2030 in the field of developing the passenger transport system according to Chairman of the Board of Directors of the National Bank of Egypt, Hesham Okasha.
He pointed out that the bank aims by investing in the company - as one of the largest mass transit companies for passengers - to diversify its long-term project financing sources by financing infrastructure projects, especially in the transport sectors.
The partnership between Mwasalat Misr and the National Bank of Egypt was based on the company’s future vision for the coming years, which was summarized in the study of investment in some new strategic projects, according to Okasha.
The financial, technical and legal examinations and reviews carried out by the bank proved the ability of Mwasalat Misr; its infrastructure, and its technical, financial and technological capabilities to face any future competition, according to the Vice President of the National Bank, Yahya Abo El Fotouh.
The company signed a number of cooperation protocols and memoranda of understanding to take over transportation operations in the new urban cities as well as in the Administrative Capital.
The agreement is one of the bank’s steps towards digital transformation by contributing to the development of all parties and automating their procedures, according to Abo El Fotouh.
The agreement will allow passengers to pay electronically through dealing with the services and digital channels that the bank provides to its customers, such as phone applications and prepaid cards.
The company's activity is currently concentrated in Cairo, and its activity will extend to serve new urban communities, including the Administrative Capital, in an Egyptian partnership with the Arab Union for Land Transport “Super Jet”, also affiliated to the Ministry of Transport.
The new increase in the capital of Mwasalat Misr will cover the shareholding in transport companies, transporting between governorates, according to Ahmed Aboud Saleh, Chairman of the Board of Directors of the Emirates National Company, which owns Mwasalat Misr.