Emirates NBD Egypt announced on Monday that it has signed a financing agreement worth 3 billion Egyptian pounds, approximately $59 million, with the National Authority for Tunnels (NAT). This deal is aimed at providing long-term credit facilities to support the development of public transportation projects in Egypt.

The agreement was formalized by Tamer Ragheb, the Head of Corporate and Institutional Banking at Emirates NBD Egypt, and Tarek Hamed Goueili, the Chairman of the National Authority for Tunnels. The bank emphasized that this agreement is part of its commitment to support strategic sectors, particularly transportation, which plays a crucial role in the overall development of the country.

The National Authority for Tunnels operates under the Ministry of Transport and is responsible for the planning, design, and execution of tunnel and metro projects throughout Egypt. This collaboration highlights the importance of enhancing the infrastructure necessary for efficient public transportation systems in the region.