Banque Misr, AIB, SAIB To Join NBE’s Industrial Pollution Control Project

Banque Misr, Arab Investment Bank and Société Arabe Internationale de Banque (SAIB) plan to enter a project launched by the National Bank of Egypt (NBE) to finance industrial pollution abatement projects and clean production productions.

Sources said the finances are offered on a case-by-case basis. The Commercial International Bank (CIB), National Societe Generale Bank (NSGB) and the Industrial Development and Workers Bank of Egypt are also participants in the project.

NBE grants 20% of the finance and the remaining 80% are repaid by the customers. The bank received international grants worth US$ 180 million to finance the second phase of the project.

NBE will conduct negotiations with the World Bank, European Investment Bank, French Development Agency and KfW Entwicklungsbank (German Development Bank) by the middle of November to receive grants in order to finance the third phase of the project.

NBE offered loans of about EGP 890 million to SMEs from which 3,000 new customers benefited in the last three months. NBE targets to increase the value of SME finance to EGP 4 billion by the end of FY 2012/2013.