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NBE, Banque Misr sign EGP 1.8 bln protocol to revamp Ring Road
Minister of Transport witnessed the signature of a 1.8 billion EGP cooperation protocol between the General Authority for Roads, Bridges and Land Transport (GARBLA), National Bank of Egypt (NBE), and Banque Misr to revamp the Ring Road around Greater Cairo for the distance between Mariotia axis and Autostrad, as part of the corporate social responsibility activities of the banks.
"The development works will contribute to the improvement of road service quality, the increase of road capacity, the reduction of journey duration for the road users, and saving energy", the Minister of Transport said.
In the presence of Lieutenant General Kamel Al Wazir, Minister of Transport, Engineer Samy Farag, Head of GARBLA, Mr. Hisham Okasha, Chairman of NBE, and Mr. Mohamed El Etreby, Chairman of Banque Misr, signed the 3 year long cooperation agreement. The protocol aims to revamp the Ring Road around Greater Cairo in the distance between Mariotia axis and the Autostrad, in order to facilitate commuting within Greater Cairo.
The Minister of Transport stated that this protocol is part the framework of the coordination efforts exerted by Dr. Mustafa Madbouly, Prime Minister, and Mr. Tariq Amer, President of the Central Bank of Egypt, and within the framework of the Ministry of Transport's vision to provide the required financing for the development of the Ring Road, which amounts to 4.5 billion pounds. He further elaborated that the development works for this distance includes: the expansion of the road to 6 lanes with a width of 25.4 m for each direction instead of 4 lanes with a width of 18.2 m, and a length of 7500 m, the expansion of the upper Munib Bridge on the Nile with a width of 8 m for each direction, and a length of 2100 m, the expansion of 6 overpass bridges with a width of 7 m and a total length of 2400 m, and the expansion of 11 tunnels with a width of 7 m and a total length of 264 m.
Furthermore, the Lieutenant General explained that the development works will contribute to raising the level of road service; absorbing large traffic volumes, reducing journey duration for road users, and saving energy. The Ring Road is one of the most vital roads, especially as it connects many of the major neighborhoods of Cairo and its suburbs, which is what priority was given to developing this road in a way that facilitates citizens' commute. This corresponds with the development plans of the state that mainly aim to raise the efficiency of services provided to the Egyptian citizen to improve their living standard.
He also indicated that GARBLA has conducted adequate studies for the areas through which the Ring Road passes, as it is one of the most vital roads connecting the neighborhoods and suburbs of Greater Cairo. These studies showed the need of this area (from the Mariotia axis to the Autostrad road) for rapid intervention. The necessary development revolved around the expansion of the road, and raising its engineering, construction, and service efficiency, which will provide road users with comfort and safety. He added that the Ministry of Transport is sparing no effort, whether financial, technical or human, to develop the road network, with a focus on the vital roads in all governorates; to provide Egyptian citizens with the best quality services. The Minister of Transport praised the key role that NBE and Banque Misr play, and their continuous efforts to support all fields related to corporate social responsibility.
For his part, Mr. Hisham Okasha expressed how he's looking forward to the fruitful cooperation and partnership between the two esteemed banks, the Ministry of Transport, and GARBLA to revamp the Ring Road. He further commented that this is considered a new step in the corporate responsibility path that is being paved by NBE. The bank caters for CSR needs with programs that are carefully implemented in compliance with the concept of global sustainable development. The CSR efforts of NBE that aim to improve the daily living standard of Egyptian citizens have exceeded 6 billion EGP in the past 5 years. These efforts are mainly directed towards developing slums and informal areas, or the areas that need development. This goes hand in hand with the state's developmental plans and with Egypt's vision 2030 that NBE supports by all means in all its various fields. One of the main pillars of this vision is upgrading the quality of the urban environment, which will be achieved in this project with participation that amounts to 1.2 billion EGP from NBE.
Mr. Mohamed El Etreby added that the mutual cooperation between the two banks – one that is extended to several fields, not only banking -, is aimed to better serve the Egyptian citizens; together they support the state's plans to improve the efficiency of the services provided. He also emphasized on what an honor it is to work in cooperation with the Ministry of Transport on this important project, elaborating that Banque Misr's participation that amounts to 600 million EGP is a reflection of its belief in its role in improving Egyptian citizens' lives. This is an affirmation of the bank's pioneering role in the field of CSR, as it is one of the main pillars that the bank's strategy; the bank participates in many activities that support social development that focus on human development when it comes to education, creating job opportunities - especially for youth and bread winning women, healthcare, and Egyptian village development. The bank always encourages partnerships between all the different fields in the Egyptian society, by setting an example to follow. All these efforts aim for the achievement of sustainable development. It's noteworthy that Banque Misr complies with the standards of the Global Reporting Initiative GRI, and commits to the UN Global Compact principles for citizenship (Corporate social responsibility), and the UN Principles for Responsible Banking.
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