Egypt EFG Hermes’ unit offers funding to Uber drivers

Drivers of the ride-hailing app have been financed to purchase 300 cars

  
The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

The building of EFG-Hermes, also known as Egyptian Financial Group Hermes Holding Co SAE, is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015.

REUTERS/Asmaa Waguih

Cairo – The installment payment solution provider valU, a subsidiary to EFG Hermes, has injected funding worth EGP 50 million to drivers of the ride-hailing service Uber, chief business officer at valU, Mohamed El-Shabrawy El-Feky, said.

Drivers of the ride-hailing app have been financed to purchase 300 cars, El-Feky added during a conference held on Monday

Egyptian Saudi Finance Bank (ESFB) have offered valU a loan worth EGP 100 million under a 14-month deal in collaboration with Egypt’s Ministry of Investment to finance all ride-hailing companies, he revealed.

Translated by: Zeinab Adel

Source: Mubasher

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