NBE, Transport Regulatory Authority sign protocol to support transport projects

NBE, Transport Regulatory Authority sign protocol to support transport projects

The National Bank of Egypt (NBE) and the Egyptian Domestic and International Land Transport Regulatory Authority have signed a collaboration protocol to support various transport projects licensed to operate by the authority. 

The signing took place during the International Smart Transportation, Infrastructure, and Logistics Exhibition and Conference (ITSIL) with the presence of the Minister of Transport, Kamel El Wazir, and Hisham Okasha, Chairperson of the Board of Directors of the NBE, along with Yahya Abu Al-Fatouh, Deputy Chairperson of the Board of Directors of the NBE, and Elsayed Metwaly, CEO of the EDTLA.

Transport Minister Kamel El-Wazir praised the role played by the NBE in supporting and developing transport projects, both in terms of the financing provided for projects of various sizes and legal forms and the bank’s corporate social responsibility (CSR). He emphasized the added value of the collaboration protocol for all types of land transport projects, whether related to passenger or freight transport.

Hisham Okasha stated that the protocol is part of the NBE’s commitment to small and medium-sized enterprises (SMEs), especially those contributing to meeting the basic needs of citizens. He highlighted the significant impact of transport projects, whether passenger or freight, in determining the cost of all elements of the production process across various activities.

Yahya Abu Al-Fatouh explained that the direct and indirect financing portfolio for SMEs at the NBE amounted to EGP 150bn, benefiting 130,000 clients. The bank has also financed around 100,000 clients with a total funding of EGP 85bn as part of the Egyptian Central Bank’s initiatives to support SMEs.

He added that the bank handles these types of projects through simplified procedures, relying on a qualified team characterized by the highest levels of professionalism and craftsmanship to ensure service quality and prompt decision-making. The protocol includes providing the necessary financing for the purchase of new vehicles, spare parts, tires, and operational necessities.

The signing of this collaboration protocol is expected to provide a significant boost to the Egyptian transport sector by providing much-needed financing and support for a wide range of projects. The NBE’s commitment to SMEs and its strong track record of supporting transport projects make it an ideal partner for the EDTLA in this endeavor.

The use of smart transportation technologies is also expected to play an increasingly important role in the future of transport in Egypt. The ITSIL conference showcased a wide range of innovative solutions that could help to improve the efficiency, safety, and sustainability of the country’s transportation system.

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