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Sunday, 4 August 2019

MTS signs EGP 760 mn loan agreement with the National Bank of Egypt for “window project”

Public-private special purpose vehicle (SPV) Misr for Technology Services (MTS) has signed a EGP 760 mn loan agreement with the National Bank of Egypt for its project to set up a one-stop shop for customs clearance, the domestic press reports. The proceeds will be used to finance part of the government’s in-the-works c. EGP 1 bn “window project,” which will streamline the process of settling customs payments for exporters and importers. The project will establish a centralized data center and 19 logistics centers across Egypt, removing the need for companies to interact with multiple government agencies. Local media reported in January that the project would be piloted at Cairo International Airport’s logistics center. MTS is 20% owned by private sector player Amiral Management Corporation (AMC) and 80% owned by the state-owned fintech company e-Finance.

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