Industrial Development Bank Provides Waste Recycling Factory With EGP 55 Mln

The Industrial Development and Workers Bank of Egypt approved yesterday to provide a finance of about EGP 55 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, Alexandria and Helwan.

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 bank approved to offer letters of guarantee of EGP 20 million to the company in order to help it deal with the other governorates, said Hamdi Azzam, board member of the bank.

The bank is conducting talks with the companies that wish to finance the factory which will recycle waste to products needed for the Egyptian industries, as part of Mohamed Morsi’s initiative “Watan Nazeef” (Towards a Clean Country).