Cairo – Mubasher: Mowasalat Misr, a subsidiary of Abu Dhabi-based Emirates National Group (ENG), plans to invest EGP 1 billion to expand mass transit services in Egypt within 2018.
The expansion project will be financed through borrowing EGP 500 million from Emirates NBD and Abu Dhabi Islamic Bank (ADIB), in addition to raising the firm’s current capital by EGP 32 million from shareholders’ finances to reach EGP 500 million, unnamed sources told Almal News.
The company will spend EGP 1 billion to implement the first phase of the expansion plan, which will cover raising the number of buses to 500 buses and operating mass-transit lines, the sources added.
The second phase, which is set to be completed in 2020, will include investing EGP 3 billion to expand in the Egyptian market, mainly in the New Administrative Capital and the Suez Canal Corridor Area.
In July 2017, Banque Misr stated that it will finance 60% of the first phase of Mowasalat Misr’s project to provide public transport services at a 5% interest in accordance with the Central bank of Egypt’s (CBE) initiative to encourage investments in the Egyptian market.
