The Industrial Development and Workers Bank of Egypt has met with officials of the Ministry of Supply to discuss the possibility of financing from 40,000 to 45,000 bakeries in Egypt.
Sources said the officials has set the general features of the project and gave the bank a reprieve of 15 days to study the project and decide whether to finance it or not.
The Industrial Development Bank had earlier announced that it will cooperate with the National Bank of Egypt (NBE) in financing about 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.
It is worth noting that 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.