Banque du Caire intends to invest more than EGP 700m into the electricity and transport sectors, according to the company’s chairperson and CEO Mounir Al-Zahid.
Al-Zahid said that this step comes in the line with a series of financing operations which the bank has implemented recently. The bank has already invested EGP 2.1bn in 2016.
The bank will focus on the energy and transport sectors in part due to the large social impact and for their alignment with the government’s development plans, according to al-Zahid.
“Banque Du Caire is a contributor to the EGP 5bn loan which is being granted to the Egyptian Electricity Transmission Company. Between EGP 500m and EGP 700m will be allocated to finance the construction of new transformer stations and serve those already existing, in addition to the implementation of electric cables and power transmission lines”, said Al-Zahid.
The bank has also provided EGP 200m of a EGP 6.6bn loan to the New Urban Communities Authority (NUCA).
The NUCA will use the loans in the first stage of its monorail line that will connect 6th of October City and Sheikh Zayed with Cairo through the Rod Al-Farag channel.
Banque du Caire has invested EGP 2bn into the transport sector of which EGP 1.6bn was provided to the National Authority for Tunnel to update the fleet of Metro line 1.
The bank also contributed to EGP 200m to each of two loans provided to Contact Auto Trading group.
The bank also contributed to a loan provided to the Holding Company for Electricity to establish a power plant. It has also signed a cooperation protocol with the Arab Organisation for Industrialisation to finance the construction of solar power plants.