Islamic Finance

National Bank of Egypt increases Mwasalat Misr’s capital as new shareholder

Published 07 Oct,2021 via Daily News Egypt - The National Bank of Egypt (NBE) has signed an agreement with the Mwasalat Misr company for public transportation, by which the bank will inject new capital into the company in exchange for a 20% stake.

Hisham Okasha, Chairperson of NBE, confirmed that the agreement comes within the framework of the bank’s leading development role in serving the goals of sustainable development and Egypt’s Vision 2030 in the field of developing the passenger transportation system, as the bank aims to invest in the company – as one of the largest mass transportation companies for passengers.

The partnership between the bank and Mwasalat Misr was based on the company’s future vision for the coming years, which includes studying investment in some new strategic projects, expanding the current activities and services it provides, and entering some areas where they were not present.

Yehia Aboul Fotouh, NBE Deputy Chairperson, stressed that the agreement will allow passengers to pay transportation fees through digital channels that the bank provides to its customers, such as mobile application and prepaid cards, in an effort to support the bank’s digital transformation and financial inclusion plans.

Al Ahli Pharos acts as advisor to Mwasalat Misr in this transaction.

Ahmed Aboud Saleh, Chairperson of the Emirates National Group, stated that Mwasalat Misr comes within the framework of the strategic partnership between the Egyptian and Emirati side and under the umbrella of developing transport services and the road network that Egypt is currently witnessing, noting that the company’s activity is currently concentrated in Cairo, which will extend its activity to serve the new urban areas, including the Administrative Capital in partnership with the Arab Union for Land Transport Superjet, also affiliated with the Ministry of Transport, through a project to manage and organize all participatory transport services through a high-quality transport fleet that works according to an electronic work system.

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