Banque Misr says has financed Mowasalat Misr project – Phase I

Egypt’s second biggest bank, state-run Banque Misr announced Thursday that it has financed 60 percent of the first phase of Mowasalat Misr Group’s project in order to offer group transportation services with five percent interest according to the initiative of the Central Bank of Egypt (CBE).

The funding aims to collect 50 minibuses through a plan aiming to create a fleet of 500 buses. The bank is also studying financing 40 buses as a second phase of the project.

This is in line with the state’s policy towards activating the role of the private sector and encouraging investors in order to offer public services and develop group transport services for passengers in new cities and connecting them to Cairo as well as preparing a suitable alternative on the long run in order to solve the random transportation issue.

On Tuesday, Banque Misr signed a cooperation protocol with the Ministry of Higher Education and Scientific Research with the aim of serving scientific research and foreign scholarships and missions through funding programmes worth EGP 300m provided to the delegates over three years.

The bank also signed a memorandum of understanding (MoU) with the country’s Ministry of Planning and Administrative Reform with the aim of supporting educational programmes and scholarships for the master’s degree offered by the ministry, worth 100 million pounds over the period of two years.

The cooperation protocol with the Ministry of Higher Education allows contributing to the quality of the performance of scientific study missions to improve the capabilities of human resources.

The memorandum of understanding with the Ministry of Planning aims to offer 100 scholarships annually in order to cover the developmental gaps and the state’s national priorities in the specialties determined by the ministry.

Source: Daily news