I run MSys/Bash as distributed in Git for Windows. I added the folder C:\\Windows\\Microsoft.NET\\Framework\\v4.0.30319
to my path, so I could run msbuild
It's a bug in MSys where the same name is shared by a folder and a file (minus the extension). In this case:
C:\Windows\Microsoft.NET\Framework\v4.0.30319\MSBuild.exe
C:\Windows\Microsoft.NET\Framework\v4.0.30319\MSBuild
You'll have to workaround by writing msbuild.exe
If msbuild.exe cannot be found, it needs to be configured.
Open a command prompt and run the file vsvars32.bat located in your Visual Studio Common7/Tools folder..
i.e C:\Program Files x86\Microsoft Visual Studio 12.0\Common7\Tools\vsvars32.bat
This will correctly setup all the neccessary variables for msbuild.exe to be found.