By: Ahmed Farhat

The National Bank of Egypt (NBE) and the Bank of Alexandria have announced that they will provide EGP 250m to help develop the third stage of Egypt’s Taxi Renewal and Renovation Project.

Karim Sus, retail director at NBE, stated during the signing of the third stage’s protocol that the bank would loan drivers EGP 150m. Basil Rahmi, retail banking director for the Bank of Alexandria, stated that his institution would loan the additional EGP 100m.

Bank of Alexandria remained the largest funder of the project during its first two stages in addition to the third.