European bank invests in rideshare app to keep Egyptian women safe
The European Bank of Reconstruction and Development is investing $10 million in the startup Swvl, which operates in Egypt.
A European bank has announced an investment in a ride-sharing company with the aim of making transportation in Egypt safer for women.
The European Bank of Reconstruction and Development signed an agreement to invest $10 million in the ride-sharing company Swvl. The London-based bank said the investment aims to "advance safety for women on buses in Egypt” in a press release yesterday.
Swvl allows users to book rides on minibuses that the company operates. Users hail the rides via a mobile phone application. Swvl was founded in Cairo in 2017, but is currently based in Dubai. It operates in Egypt, the United Arab Emirates, Saudi Arabia, Jordan, Pakistan and Kenya.
Safety for women is a priority for the company, as sexual harassment is a particularly dangerous threat to women in Egypt. Swvl aims to offer affordable rides people can take instead of public buses. Swvl also offers private bus bookings in Egypt. Last year, the company began offering women-only rides in Pakistan.
