Land Transport Industry Boost: NBE and LTRA Sign Cooperation Protocol

The Minister of Transport, Kamel El-Wazir, witnessed the signing ceremony of a cooperation protocol between Egyptian Domestic and International Land Transport Regulatory Authority (LTRA) and National Bank of Egypt. 

The signing was done by Metwally, the CEO of the Domestic and International Land Transport Regulatory Authority, and Yehia Abou El-Fotouh, Vice Chairman of the Board of NBE.

This protocol aims to support licensed transport companies by providing necessary financing for purchasing new vehicles, spare parts, tires, and operational supplies, in order to reduce transportation costs and alleviate the burden on Egyptian citizens, both for passenger transport and goods, thus supporting the transportation industry in Egypt.

The signing took place during the third day of the fifth edition of TransMEA2023 Smart Transport Exhibition for the Middle East and Africa, under the patronage of President Abdel Fattah El-Sisi.

This initiative is part of the role of the Egyptian National Bank as a leading financial institution in Egypt, supporting and financing micro, small, and medium-sized projects by providing distinctive financing mechanisms that meet the financial needs of various projects across all economic sectors, whether from its own resources or in collaboration with local and international financial institutions.

Additionally, intensive meetings were held to establish a joint cooperation mechanism, paving the way for the next phase of the project. 

Discussions were also conducted with manufacturers of bus and truck spare parts to localize this industry, serving the manufacturing sector, stabilizing prices, and ultimately reducing the burden on Egyptian users and recipients of the service. All private companies affiliated with the Land Transport Authority are required to comply with the same requirements of the initiative.