Four Banks Raise Interest Rate On White Taxi Loans To 13.5%

The National Bank of Egypt (NBE), Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank have raised interest rate on loans offered to finance the third phase of White Taxi project from 11.5% to 13.5%, a source said.

The contract of the project, which aims at encouraging taxi owners to replace their aging cabs with new automobiles, will be signed today under which 15,000 cars will be financed.

NBE, Alex Bank and Banque Misr offered EGP 340 million, EGP 1 billion and EGP 550 million, respectively to the project. The costs of interest rate incurred by the Ministry of Finance reached EGP 50 million, as a result of deferring the payments.