The National Bank of Egypt (NBE) has signed a shareholder agreement with Mwasalat Misr to acquire 20% of the company’s shares by injecting new capital into the transport services provider.
The agreement comes within the framework of the state-run bank’s role in achieving the sustainable development goals (SDGs) and Egypt Vision 2030 by developing the passenger transportation system, NBE’s Chairman, Hisham Okasha, said in a statement on Wednesday.
The investment in Mwasalat Misr, one of the largest mass transportation companies, is aimed at diversifying the bank’s funding for long-term projects by financing infrastructure projects, especially the transport sector.
Through the deal, passengers will be able to pay for services through digital channels such as the mobile app and prepaid cards in a move that supports the bank’s digital transformation and financial inclusion plans, NBE”s Vice Chairman, Yehia Aboul Fotouh, noted.
