NBE Finances 300 Hotels To Use Green Electrical Energy

The National Bank of Egypt (NBE) targets to finance 300 hotels in Red Sea to use green electrical energy instead of diesel and heavy fuel oil.

Sources said the bank will start financing the hotels next April to use electricity for smart lighting and solar heaters, as part of the bank’s contributions to protect the environment and solve the power shortage that hit the country through using clean energy sources.

The cost of the project varies according to the area of each hotel and whether the energy will be used for smart lighting, solar heaters or both. The 500-room hotel that will use electrical energy for smart light and smart heaters will require finance of EGP 5.5 million.

The bank approved last month to finance 55 brick factories in Behira with EGP 120 million and 130 brick factories in Al-Saf City in Helwan with EGP 120 million to use natural gas instead of diesel and heavy fuel oil.

The total value of finances offered by NBE to environmental compliance projects reached EGP 1.1 billion as of the end of 2012.