NBE, Banque Misr contribute $112mln to developing Ring Road

Cairo - Mubasher: Egypt's General Authority for Roads, Bridges and Land Transport has signed a protocol of cooperation with the National Bank of Egypt (NBE) and Banque Misr over a funding worth EGP 1.8 billion. The funding, which will be provided over three years, will be used to develop the Ring Road from Al Mariotia to Autostrad, according to a statement on Wednesday. The total value of funding required to develop the Ring Road amounts to EGP 4.5 billion, the transport minister Kamel El-Wazir said.

Over the last five years, the NBE provided a total funding of EGP 6 billion under social responsibility programmes, the lender's chairman Hisham Okasha said, noting that the bank contributed EGP 1.2 billion to the development of the Ring Road.

In addition, Banque Misr provided a total value of EGP 600 million to the development of the Ring Road, the bank's chairman Mohamed El-Etreby revealed.

Source: Mubasher

All Rights Reserved - Mubasher Info (C) 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

You may also like...