As part of its leading role in supporting the national economy and strengthening the industrial sector, Banque Misr signed recently a medium-term loan agreement in favor of MAC Transportation Manufacturing Company, a subsidiary of the Mansour Automotive Group, valued at EGP 2.7 billion.
The financing is designated for a project to establish a car assembly plant. The agreement was signed by Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, and Mr. Ankush Arora, Chief Executive Officer of Mansour Automotive Group, in the presence of Mr. Amr El-Nakly, Deputy Chief Executive Officer of Banque Misr; Mr. Amr Damardash, Head of Corporate Credit and Syndicated Loans at Banque Misr; Mr. Hesham Abu El-Dahab, Chief Financial Officer of Mansour Automotive Group; Eng. Tarek Atta, Vice Chairman for Manufacturing at Mansour Group; Eng. Wael Ammar, CEO of MAC Transportation Manufacturing Company; and a distinguished group of senior executives from both the bank and the company.
The project is located in New 6th of October City, near the October Dry Port, on an area of approximately 126,000 square meters. It aims to establish an integrated industrial complex for the assembly of various vehicle categories, including sedans, sports utility vehicles (SUVs), and minibuses. The plant has been designed with flexible infrastructure and advanced technologies that enable the manufacturing and assembly of both internal combustion engines and new energy powertrains, ensuring alignment with the global transition toward sustainable mobility.
The planned maximum production capacity of the plant in its first phase is approximately 50,000 vehicles annually. The construction is expected to be completed during 2026, with actual operations scheduled to begin in the first quarter of 2027. The total investment cost of the project amounts to USD 150 million.
Mr. Hisham Okasha, CEO of Banque Misr, emphasized the bank’s vital role in supporting the national economy across various sectors, noting that Egypt’s automotive industry is witnessing serious momentum toward expanding local production to reduce import bills. He stated that this financing reflects Banque Misr’s continued pioneering role in supporting the Egyptian economy, particularly as the automotive industry is one of the most influential sectors due to its linkages with a wide range of supporting, intermediary, and complementary industries. The bank is committed to financing such sectors to create more job opportunities across different specializations in support of development plans. He also affirmed that Banque Misr consistently provides financial services tailored to all customer segments, acting as a catalyst for national and strategic development, driven by its belief in sustainability and continuous improvement.
Mr. Amr El-Nakly, Deputy CEO of Banque Misr, also highlighted the bank’s commitment to expanding financing for vital projects, including the automotive sector, through flexible working models aligned with the bank’s credit policy. He stressed that the bank provides integrated financing solutions that enhance production capacity and increase the competitiveness of local products, positively impacting the Egyptian economy and sustainable development.
Mr. Ankush Arora, CEO of Mansour Automotive Group, stated that the group’s investment in the MAC manufacturing plant reflects shareholders’ confidence in the exceptional support provided by the state to the automotive sector, in line with Egypt Vision 2030. He affirmed that the plant has been built according to the latest global technological systems, with strict adherence to sustainability standards and green environmental practices, while prioritizing the safety and well-being of employees. He added that the project is expected to generate around 10,000 direct and indirect job opportunities. He also expressed the Mansour Group’s confidence in Egypt’s banking sector, represented by Banque Misr, and its continued support for the group’s industrial development.
Banque Misr continues to play its vital role in supporting all activities that contribute to economic development, enhancing its service excellence and long-term success, and actively participating in services that meet customer needs. The bank’s values and strategies consistently reflect its commitment to sustainable development and prosperity for Egypt.
