Industrial Development Bank Finances Waste Recycling Factory With EGP 50 Mln

The Industrial Development and Workers Bank of Egypt approved initially to provide a finance ranging from EGP 40 million to EGP 50 million for a cleaning company to finance the establishment of a waste recycling factory after it was assigned by the government to clean up the streets in Cairo and Alexandria, as part of Mohamed Morsi’s initiative “Watan Nazeef” (Towards a Clean Country).

The bank will finance such project as the recent studies show that cleaning up the streets from the uncollected garbage and recycle them will affect positively the country economically, socially and environmentally, said El-Sayed El-Kosayer, chairman of the bank.

Financing such companies has many advantages such as solving the unemployment crisis and improving industries which are based on recycled waste such as cardboard, tin and plastics, he noted.

The waste can also be used in generating power needed for heavy industries in Egypt such as cement and fertilizers industries. The main aim of such community clean-up program is combating environmental pollution which badly affects the Egyptians, El-Kosayer added.

Establishing waste recycling factories all over Egypt will help the country in cleaning up the streets and disposing of waste safely.