Egypt's Citadel Capital has secured US$21 million of funding for its National Company for Transport, an affiliate of the private equity group which is involved in the Nile transportation business.
The funds came from DEG, a German investment institution, and the European Investment Bank.
On 19 June, Citadel got a cash boost of LE74 million ($12.4 million) after members of the executive committee sold shares in the firm, aiming to inject proceeds back into the company.
Last Wednesday, Citadel said it was in possible buy-out talks with more than one potential strategic partner. A source familiar with the matter said that Dubai-based Abraaj Capital had held talks with a view to possibly buying a stake in the company.