Industrial Development Bank Negotiates With NBE To Manage EGP 55 Mln Finance

The Industrial Development and Workers Bank of Egypt is in talks with the National Bank of Egypt (NBE) to manage the EGP 55 million finance that will be offered to a cleaning company to establish a waste recycling factory after it was assigned by the government to clean up the streets in Cairo, Alexandria and Helwan.

Such move came as part of IDWBE’s strategy to adopt the initiative of “Watan Nazeef” (Towards a Clean Country) launched by the Egyptian president, sources said. The bank seeks to benefit from the available funding sources such as self-funding sources, Social Fund for Development and NBE.

The finance is divided into a direct finance of EGP 35 million and letters of guarantee of EGP 20 million. The direct finance is divided into mid-term credit facilities of EGP 25 million over a period of three years and disbursement period of six months as well as a short-term finance of EGP 10 million for purchasing equipment and machines for the factory to be repaid over a year. In addition, the letters of guarantee which are valued at EGP 20 million will be offered to the company in order to help it deal with the other governorates.