European bank invests in rideshare app to keep Egyptian women safe

European bank invests in rideshare app to keep Egyptian women safe

A European bank has announced an investment in a ride-sharing company with the aim of making transportation in Egypt safer for women.

The European Bank of Reconstruction and Development signed an agreement to invest $10 million in the ride-sharing company Swvl. The London-based bank said the investment aims to "advance safety for women on buses in Egypt” in a press release yesterday.

Swvl allows users to book rides on minibuses that the company operates. Users hail the rides via a mobile phone application. Swvl was founded in Cairo in 2017, but is currently based in Dubai. It operates in Egypt, the United Arab Emirates, Saudi Arabia, Jordan, Pakistan and Kenya.