Industrial Development Bank Cooperates With NBE To Finance 45,000 Bakeries

The Industrial Development and Workers Bank of Egypt plans to cooperate with the National Bank of Egypt (NBE) in financing 40,000 to 45,000 bakeries in all governorates in Egypt to make them use natural gas instead of heavy fuel oil, in collaboration with the Ministry of Supply.

Sources said there will be a meeting with the Supply Ministry next week to determine the value of finance and the number of bakeries that will be financed. This came consistent with the bank’s strategy to reduce pollutant emissions produced by diesel and heavy fuel oil.

The bank has financed 61,000 houses in Fayoum with EGP 91 million to shift to natural gas; EGP 1500 for each unit.

The bank’s SME finance portfolio reached EGP 370 million by the end of the first quarter of 2013.