The National Bank of Egypt (NBE) injected EGP 162m to finance the first phase of the Roxy Smart Parking is a multi-storey automated underground parking, in Heliopolis, which was opened on Sunday.
The total cost of the first phase of this project is about EGP 250m. The NBE contributed EGP 162m through a seven-year loan.
The Roxy Smart Parking is fully mechanised and automatically operated without human intervention and using the latest electronic systems. The process of cars entering and exiting the parking takes merely three minutes. The parking is supported by 12 electronic elevators to transport the cars in and out of it.
The first phase of the parking will accommodate about 900 vehicles. The second phase will bring the capacity to 1,700 cars. It will be implemented in cooperation between the state and the private sector under the BOT scheme. It will be built on four underground floors covering an area of 10,000 sqm and at 16m of depth.
“The bank has played a prominent role in providing the necessary financing for the implementation of several major projects” said Sherif Riad, Corporate and Syndication Group head at the NBE.
He added that transportation projects are among the bank’s top priorities, as they serve millions of citizens on a daily basis and contribute to the advancement of economic growth. He noted that multi-floors parking areas would help to signficantly improve traffic flows, and reducing congestions on main streets.
Riad elaborated that the NBE takes an interest in all megaprojects related to vital sectors, spanning the fields of energy, transport, construction materials, contracting, food, real estate development, and tourism. Such projects create added value to the Egyptian national economy and provide many job opportunities and economic development.