Four Banks, Finance Ministry, Traffic Police To Discuss White Taxi Project Next Tuesday

Four banks, financing the third phase of white taxi project, will hold a meeting with the Ministry of Finance and Traffic Police next Tuesday to determine the number of taxis included in the third phase and the financing value.

The National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank are contributing to the third phase of the project which aims at encouraging taxi owners to replace their aging cabs with new automobiles.

Sources said the banks will hold another meeting in the first week of next March to determine the value of their contributions to the finance.

The banks have agreed to offer the finance with compound interest rate of 11.5% and fixed interest rate of 6.5%.

NBE, Alex Bank and Banque Misr offered EGP 340 million, EGP 1 billion and EGP 550 million, respectively to the project. The Ministry of Finance incurred EGP 50 million, the value of deferred payments.