NBE acquires 20% of Mwasalat Misr’s shares through capital increase

NBE acquires 20% of Mwasalat Misr’s shares through capital increase

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