NAT, Emirates NBD Egypt ink EGP 3 bln deal to support public transportation - Economy
Emirates NBD Egypt has signed an EGP 3 billion financing agreement with the National Authority for Tunnels (NAT) to support public transportation development projects in Egypt, the bank announced through a statement on Monday.
Signed by the head of corporate and institutional banking at Emirates NBD Egypt Tamer Ragheb and NAT chairman Tarek Hamed Goueili, this deal will help modernize public transportation and improve services for citizens.
This financing agreement aligns with Egypt's Vision 2030, which focuses on economic growth.
The bank's statement emphasized that investing in transportation is essential for enhancing citizens' quality of life and fostering sustainable development.
Egypt's public transportation market is projected to generate $966.4 million in review this year, with an annual growth rate of 7.4 percent through 2029, according to Statista. Meanwhile, the projected market volume will reach $1.3 billion by 2029.
Statista data projects that the number of users in this market will rise to 79.2 million by 2029, with the user penetration reaching 64.2 percent. Additionally, 22 percent of the market's total revenue will be generated via online sales.
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