National Bank of Egypt’s renewable energy funding hit $268 mln in June

National Bank of Egypt (NBE), the country’s largest state bank, says its funding for large-scale renewable energy projects compliant with environmental standards reached 4.8 billion Egyptian pounds ($268.2 million) in June this year.

The bank provided funding worth 68 million pounds for 400 environmental compliance projects during the period from 2005 to 2017, deputy chairman Yehia Aboul Fotouh said at the Arab Banking Forum on Green Banking in Hurghada on Thursday.

“Last February, we signed an agreement with the Egyptian Environmental Affairs Agency and the Federation of Egyptian Industries to provide 120 million pounds over 20 years to carry out environmental compliance projects and help SMEs businesses adhere to environmental requirements.” Aboul Fotouh said.