NBE Considers Financing 19,000 Bakeries In Using Natural Gas

The National Bank of Egypt (NBE) mulls financing the conversion of 19,000 mazot-fuelled bakeries in Cairo to natural gas, as part of NBE’s efforts in reducing the emissions produced by factories powered by diesel and mazot (heavy fuel oil).

Sources at the Bank said that financing this process in one bakery costs about EGP 40-50 thousand, varying according to the areas of these bakeries.

The National Bank of Egypt had earlier financed 200 brick factories in Arab Abu Saed in Giza to use natural gas instead of mazot and diesel. The cost of delivering natural gas to these factories is about EGP 140 million, as the costs of the external network is EGP 70 million, the internal network is EGP 70 million and the fuel replacement is EGP 700 thousand.

It is worth mentioning that NBE’s SMEs loans portfolio increased by EGP 500 million in the first 10 months of the current fiscal year, registering EGP 2.1 billion offered to 7,400 customers at the end of April.